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James Co. borrowed $1,200 on a 90-day, 11% loan. On day 15 day, James paid $200 toward the loan. James made an additional payment of $150, 40 days later (on day 55). Determine the numbers to answer the questions in the table. Use ordinary interest.
1.Adjusted Balance (15 days)2.Adjusted Balance (40 additional days)3.Final Balance (at day 90)4.Total Interest Payment
Remember to show and explain the steps in the process. Consult the Rubric to see how you will be graded.
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