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Christina Hercher borrowed $50,000 on a 90 day, eight percent note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Christina's adjusted balance after the first payment is: (Points : 1)
$1,008.89
$48,008.89
$47,444.44
$44,744.44
None of these

  • math -

    P = Po + Po*r*t.

    r = (8%/360)/100% = 0.00022222 = Daily %
    rate.

    P=50000 + 50000*0.0002222*40=$50,444.44

    Bal. = 50444.44-3000 = $47,444.44

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