Bill Payne visits his local bank to see how long it will take for $1,000 to amount to $1,900 at a simple interest rate of 12 ½%. Provide Bill with the solution to his problem in years
Jim Murphy borrowed $30,000 on 120-day fourteen percent note. Jim paid $5,000 toward the note on day 95. On day 105 he paid an additional $6,000. Using the U.S. Rule, Jim's adjusted balance after the first payment is:Answer:$26,108.33
