Final answer:
To find the adjusted balance (principal) using the U.S. rule (360 days) after the first payment on the 65th day, subtract the interest for the first 65 days from the original principal.
Step-by-step explanation:
To find the adjusted balance (principal) using the U.S. rule (360 days) after the first payment on the 65th day, we need to calculate the interest for the first 65 days and subtract it from the original principal.
Step 1: Calculate the interest for the first 65 days:
Interest = Principal × Rate × Time
Principal = $9,000
Rate = 11%
Time = 65 days ÷ 360 days
Plug in the values:
Interest = $9,000 × 0.11 × (65/360) = $174.17
Step 2: Subtract the interest from the original principal:
Adjusted Balance = Principal - Interest
Adjusted Balance = $9,000 - $174.17 = $8,825.83