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QUESTION

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, Jones made an additional payment of $7,000. Assuming the U.S. Rule, what's th

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, Jones made an additional payment of $7,000. Assuming the U.S. Rule, what's the adjusted balance of the first payment? (Use 360 days.) A. $34,666.67 B. $49,666.67 C. $54,696.67 D. $56,696.67

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