Jim Murphy borrowed 30 000 on a 120 day 14 note Jim paid 5 000 toward the note on day 95 On day 105 he paid an additional 6 000

Question

Jim Murphy borrowed 30 000 on a 120 day 14 note Jim paid 5 000 toward the note on day 95 On day 105 he paid an additional 6 000 The payment was applied first to the interest owed with the remaining payment applied to the principal balance Jim s adjusted balance after the first payment is 25 000 28 891 67 1 108 33 26 108 33 None of these

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