Question

3.66 A loan of $1000 is due in one year with interest at 141%. The debtor pays $200 in 3 and $400 in 7 months. Find the balance due in one year by (a) the Merchant's Rule, () tb in montlis. Pin United States Rule. Ans. (a) $497.37; (b) $503.54 3.67 A debt of $5000 is due in six months with interest at 10%. Partial payments of $3000 and $1000 are made in 2 and 4 months, respectively. What is the balance due on the final settlement date (a) by the Merchant's Rule; (b) by the United States Rule? Ans. (a) $1133.33; (6) $1136.68 .68 A loan of $1400 is due in one year with simple interest at 12%. Partial payments of $400 in; months, $30 in 6 months, and $600 in 8 months are made. Find the balance due in one yea using the United States Rule. Ans. $478.07

Answer 1

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IN 3.68 : NOT ABLE TO READ $400 IN ____ MONTHS.

REMAINING BOTH SUMS DONE. THANK YOU

Home ert Page Layout Formulas Data Review V s Cut ta copy ▼ Format Painter Add-Ins 短 Σ AutoSum , Fill В า 프. m. a-Δ. Ξミ 迣锂函Merge & Center. $, % , 弼皛 Conditional Format C Formatting ▼ as Table-styles ▼ Insert Delete Format Sort &Find & Filter Select 袖 2 Clear , ▼ ▼ ▼ Clipboard Font Alignment Cells dting BY BZ CA св CD CG CH Cl CK CL CM CN MERCHANT RULE 4 UNDER THIS RULE WE HAVE TO EQUATE FUTURE VALUE OF ALL RECEIPTS &FUTURE VALUE OF ALL PAYMENTS 6 LOAN TAKEN FOR A YEAR- TOTAL AMOUNT PAYABLE 1000 + (1000 x 14.25% x 1)-1 142.5 A REPAYMENTS WITH INTEREST-200 + (200 x 14.25% x 9/12- 400 + (400 X 14.25% X 5/12- 221.375 9 423.75 645.125 B 497.375 A-B 10 BALANCE DUE 12 13 15 16 17 18 19 (4 | YIELD SPOT Sheet2 AFN . BANKING NOTE BIDDING, UNDERWRITING EUAC Aw pM LIFE LP, P, MRP, INFLATION YIELD WARRAN Trefund bond CLEAN INVOICE PRICE 12-02-2019

Home ert Page Layout Formulas Data Review V s Cut ta copy." Add-Ins Σ AutoSum , Fill B l u. ㅡ· 3x, Α. Ξ ¡Ef론函Merge & Center. $ , % , tsB.08 Conditional Format C Formatting ▼ as Table-styles ▼ Insert Delete Format Sort &Find & Filter Select 袖 2 Clear , ▼ ▼ ▼ Clipboard CA31 BY Font Alignment Cells dting BZ CB CK CM CN CA US RULE UNDER THIS RULE, PAYMENTS ARE ADJUSTED AGAINST OUTSTANDING DUES WITH INTEREST CD CE CF CG CH Cl CL 13 14 15 16 LOAN TAKEN 3 MONTHS INTEREST AS DEBTOR PAYS 200 IN 3 MONTHS 1000 35.625 [-1000*14.25%*3/12] 18 19 20 21 BALANCE OUTSTANDING RECEIVED AT THE END OF 3 MONTHS 200 BALANCE OUTSTANDING 835.625 NOW INTEREST FOR 4 MONTHS AS DEBTOR PAYS IN 7 MONTHS THAT IS AFTER 4 MONTHS OF 1ST PAYMENT 39.6922 [-835.625*14.25%*4/12] 23 24 25 26 27 28 BALANCE OUTSTANDING 875.317 RECEIVED AT THE END OF 7 MONTHS 400 BALANCE OUTSTANDING 475.317 NOW INTEREST FOR LAST 5 MONTHS 28.2219(-475.317*14.25%*(5/12)] ANSWER BALANCE OUTSTANDING 503.54 31 (4 | YIELD SPOT Sheet2 AFN BANKING NOTE BIDDING, UNDERWRITING EUAC AwPM LIFE . LP, ip, MRP, INFLATION YIELD-WARRAN Trefund bond . CLEAN INVOICE PRICE 12-02-2019

Home ert Page Layout Formulas Data Review V Add-Ins s Cut aCopy Format Painter Σ AutoSum , Fill B 1 프. m. a-Δ. Ξミ 迣锂函Merge & Center. $, % , 弼騽Conditional Format. Cell. Insert Delete Format Sort &Find & Formatting as Table Styles ClearFilter Select Clipboard Font Alignment Cells dting BZ47 BY BZ CA св CD CE CG CH Cl CK CL CM CN 32 3.67 MERCHANT RULE 34 35 36 37 38 39 40 41 42 43 UNDER THIS RULE WE HAVE TO EQUATE FUTURE VALUE OF ALL RECEIPTS &FUTURE VALUE OF ALL PAYMENTS LOAN TAKEN FOR 6 MONTHS = TOTAL AMOUNT PAYABLE 5000 (5000 X 1096 X 6/12)- 5250 A REPAYMENTS WITH INTEREST 3000(3000 X 10% X 4/12)- 1000 + (1000 X 1096 X 2/12)- 3100 1016.67 116.67 B 1133.33 A-B BALANCE DUE 45 46 47 49 50 (4 | YIELD SPOT Sheet2 AFN . BANKING NOTE BIDDING, UNDERWRITING EUAC Aw pM LIFE LP, P, MRP, INFLATION YIELD WARRAN Trefund bond CLEAN INVOICE PRICE 12-02-2019

Home ert Page Layout Formulas Data Review V 義Cut ta copy." Add-Ins Σ AutoSum , Fill В า 프. m. a-Δ. Ξミ 迣锂函Merge & Center. $, % , 弼皛Conditional Format. Cell. Insert Delete Format Sort &Find & Format Painter Clipboard Formatting as Table Styles ClearFilter Select Font Alignment Cells dting [s]108.05+1096"(2/12)] CA US RULE UNDER THIS RULE, PAYMENTS ARE ADJUSTED AGAINST OUTSTANDING DUES WITH INTEREST BZ св CD CF CG CH CI CJ CK CM 45 46 47 48 49 50 51 52 53 LOAN TAKEN 2 MONTHS INTEREST AS DEBTOR PAYS 3000 IN 2 MONTHS 5000 83.33 [-5000*1096*2/12] BALANCE OUTSTANDING 5083.33 3000 2083.33 RECEIVED AT THE END OF 2 MONTHS BALANCE OUTSTANDING 34.72-2083.33*10%*2/12] NOW INTEREST FOR 2 MONTHS AS DEBTORS PAYS IN 4 MONTHS THAT IS AFTER 2 MONTHS OF 1ST PAYMENT 2118.05 1000 1118.05 BALANCE OUTSTANDING 56 57 58 59 60 61 62 RECEIVED AT THE END OF 7 MONTHS BALANCE OUTSTANDING 18.6311-1108.0 *10%*(2/12)] 1136.68 NOW INTEREST FOR LAST 5 MONTHS BALANCE OUTSTANDING ト | YIELD SPOT Sheet2 AFN BANKING NOTE BIDDING UNDERWRITING EUAC AW PM LIFE LP I MR INFLATION YIELD -WARRANT fund bond CLEAN INVOICE PRICE LI 12-02-2019