Assuming a 360-day year, when a $15,900, 90-day, 5% interest-bearing note payable matures, total payment will...

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Assuming a 360-day year, when a $15,900, 90-day, 5% interest-bearing note payable matures, total payment will...

Assuming a 360-day year, when a $15,900, 90-day, 5% interest-bearing note payable matures, total payment will be ______ .

Round your answer to the nearest whole dollar. a.$16,695 b.$795 c.$199 d.$16,099

business accounting

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Answer 1

Answer #1

Total payment = Notes payable + Interest

= $15900 + 15900*5%*90/360

= $16,099

Option d. is correct answer.

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Answer 2

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