Question

You buy a motorcycle on July 1 for $2,500 with $500 down. You agree to pay the seller the remaining $2,000 at 9% with monthly payments of $341.14. Your first payment is due August 1, but you make the payment on August 4. Using the U.S. Rule, calculate the remaining balance after that payment.

Answer 1

Answer:

The remaining balance after that payment will be 1658.86

hope this will help you

Step-by-step explanation:

If you buyed a motorcycle on July 1 at $2500 with $500 down payment. 9% of payment will be $341.14 per month.

Then you payed on August 4

Then, The remaining balance after that payment will be 1658.86

Because if you divide $2000 into $341.14 the it will take 5.86269566747......

approximately it will take 5 and half to 6 months...