Jones of Boston borrowed $40,000, on a 90 day 10% note. After 60 days. Jones made...

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Jones of Boston borrowed $40,000, on a 90 day 10% note. After 60 days. Jones made an initial payment of $6,000. On day 80. Jo

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Answer 1

Answer #1

Ans:

Balance Prior To First Payment:

Principal	$ $40,000
Interest accrued for 60 days ( $40000× 10%× 60/360)	$666.67
Balance Prior to First Payment	$ 40,666.67

Balance After First Payment:

= $ 40,666.67 - $ 6000( first payment)

= $ 34,666.67

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Answer 2

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Jones of Boston borrowed $40,000, on a 90 day 10% note. After 60 days. Jones made...

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