Question 14 1 pts
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