Question

Frank Garcia owes $82,800 on a 9% 140 day note. On day 15, he pays $20,700. On day 100, he pays an additional $33,120. What is the remaining balance on the note?

Answer 1

After making two partial payments on different days, the remaining balance on Frank Garcia's note is $28,980.

Step-by-step explanation:

The question is about calculating the remaining balance on a note after partial payments have been made at different times. Initially, Frank Garcia owes $82,800 on a 9% 140-day note. On day 15, he makes a payment of $20,700, reducing the principal balance to $62,100. No interest calculations are needed as we are only asked for the remaining balance. Then, on day 100, he makes an additional payment of $33,120. After this second payment, the remaining balance on the note would be $62,100 - $33,120 = $28,980.