Problem
Principal $14,000, Interest Rate 7.5%, Time 250 days (use ordinary interest)
Partial payments: On 100th day, $6,600
On 180th day, $3,800
Use 360 days a year.
Use the U.S Rule to solve for total interest
i. What was the balance after payment on day 100?
ii. What was the balance after payment on day 180?
iii. Using the U.S. Rule, what was the final payment?