On May 3, 2017, Leven Corp. negotiated a short-term loan of
$660,000. The loan is due October 1, 2017, and carries a 5.40%
interest rate. Use ordinary interest to calculate the
interest.
What is the total amount Leven would pay on the maturity date? (Use
Days in a year table.) (Do not round intermediate
calculations. Round your answer to the nearest cent.)
Answer:
Number of days interest to be paid is from may 3 2017 to 30 sep 2017 = 29 + 30 + 31 + 31 + 30 = 151 days
Therefore interest = $6,60,000 * 5.40% * (151/365)
= $14,744.219
Therefore total amount to be paid on maturity is
= $660000+$14744.219
= $674744.219
= $ 674744
Thanks...
On May 3, 2017, Leven Corp. negotiated a short-term loan of $660,000. The loan is due...
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