On May 3, 2020, Leven Corp. negotiated a short-term loan of $780,000. The loan is due October 1, 2020, and carries a 6.20% 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.)
Homework Answers
Short term loan = $780,000
Interest rate = 6.20%
Number of days between May 3rd 2020, to October 01, 2020 = 152 Days
Interest = Loan amount * Interest rate * Number of days / 365
Interest = $780,000 * 6.20% * 152 / 365
Interest = $20,138.96
Total amount Levy would pay on Maturity date = $780,000 + $20,138.96 = $800,138.96
Total amount Levy would pay on Maturity date = $800,138.96
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