Melissa Borrows $1000 on May 8 at 18.5% simple interest. She pays $500 on July 17 and $400 on September 29. What is her balance on October 31 by the merchant's rule? by the United States rule?

Answer 1

See problem 3.71

Not only are you looking for something to copy, your teacher copied the problem. http://books.google.com/books?id=IKWKPRAu8CAC&pg=PA38&lpg=PA38&dq=simple+interest.+She+pays+$500+on+July+17+and+$400+on+September+29.+What+is+her+balance+on+October+31+by+the+merchant%27s+rule?+by+the+United+States+rule?&source=bl&ots=tcykwNrmR7&sig=rGqz1oM08dmr-_k78oKgu59vtFQ&hl=en&ei=dgroTt2GCs782gWA1Ky9CQ&sa=X&oi=book_result&ct=result&resnum=1&ved=0CB0Q6AEwAA#v=onepage&q=simple%20interest.%20She%20pays%20%24500%20on%20July%2017%20and%20%24400%20on%20September%2029.%20What%20is%20her%20balance%20on%20October%2031%20by%20the%20merchant%27s%20rule%3F%20by%20the%20United%20States%20rule%3F&f=false

Surely I am wrong.