Maggie Jay owns her own car. Her June monthly interest was $250. The rate is 13 1/2 percent. Jay's principal balance at the beginning of June is: (Use 360 days)

the principal balance at the beginning of June is $22,222.22

Step-by-step explanation:

The computation of the principal balance at the beginning of June is shown below:

Principal balance = Interest paid ÷ (Interest Rate ÷ 12 Months)

= $250 ÷ (13.5% ÷ 12)

= $22,222.22

Hence, the principal balance at the beginning of June is $22,222.22

rick has $1400 and sally has $1500

step-by-step explanation:

to find amount of money rick has after 10 years :

principal = $1000 , time = 10 years , rate = 4% annually

to find amount of money sally has after 10 years :

her friend gives to pay her $50 per year, therefore money she has after 10 years = 50 × 10 = $500

also, sally gets $1000 after 10 years,

therefore, total amount of money sally has after 10 years = 500 + 1000 = $1500

so, after 10 years : rick has $1400 and sally has $1500

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