3) The company borrowed $20,000 to finance its business operation. The loan is due on December...
3) The company borrowed $20,000 to finance its business operation. The loan is due on December 31.
Required: Calculate the interest and principle the company would have to pay the bank on December 31 under each of the following assumptions:
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a) The loan is at 12%, borrowed on January 2 of the same year.
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b) The loan is at 10%, borrowed on January 2 of the same year.
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c) The loan is at 12%, borrowed on April 1 of the same year.
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d) The loan is at 9%, borrowed on September 1 of the same year.
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