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Miguel borrowed $30,000 on a 120-day 14% note. Miguel paid $5,000 toward the note on day 95. On day ...

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Miguel borrowed $30,000 on a 120-day 14% note. Miguel paid $5,000 toward the note on day 95. On day ...

Miguel borrowed $30,000 on a 120-day 14% note. Miguel paid $5,000 toward the note on day 95. On day 105, he paid an additional $6,000. Using the U.S. Rule, Miguel's adjusted balance after the first payment is:

▸

$25,000

▸

$28,891.67

▸

$1,108.33

▸

$26,108.33

▸

None of these

Textbook

Math for Business and Finance: an Algebraic Approach

Edition: 3^rd

Author: Slater

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