Question Frank James owes $\$ 50,400$ on a 6% note for 150 days. On day 30, he pays $\$ 12,600$. On day 100, he pays $\$ 17,640$. Calculate the adjusted balances and balance at maturity.

Studdy Solution
Calculate the balance at maturity.
$$Balance_{maturity} = \$20,809.02 + \$173.41 = \$20,982.43$$The adjusted balance after the first payment is $38,052, the adjusted balance after the second payment is$20,809.02, and the balance at maturity is $20,982.43.