Max Wholesaler borrowed $5000 on a 12%, 120-day note. After 45 days, Max paid $1750 on the note. Thirty days later, Max paid an additional $1500. Use ordinary interest (360 days).

Question

a. Determine the total interest using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.)
Total interest amount $

b. Determine the ending balance due using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.)
Ending balance due: $

Answer 1

2865.51