Given: a 12% 90-day $4,000 note. Find the adjusted balance (principal)using the U.S. Rule (360 days)after the first $800 payment on the 40th day.

Name: Given: a 12% 90-day $4,000 note. Find the adjusted balance (principal)using the U.S. Rule (360 days)after the first $800 payment on the 40th day.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

I = 4,000 × .12 × 40/360 = $53.33; 800 - 53.33 = $746.67; 4,000 - 746.67 = $3,253.33.

Given: a 12% 90-Day $4,000 Note