Given: an 11% 120-day $9,000 note. Find the adjusted balance (principal)using the U.S. Rule (360 days)after the first payment on the 65th day of $1,000.

Name: Given: an 11% 120-day $9,000 note. Find the adjusted balance (principal)using the U.S. Rule (360 days)after the first payment on the 65th day of $1,000.
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Question

Quizplus · Accepted Answer

I = 9,000 × .11 × 65/360 = $178.75; 1,000 - 178.75 = $821.25; 9,000 - 821.25 = $8,178.75

Given: an 11% 120-Day $9,000 Note