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QUESTION
May 3, 2010, Leven Corp. negotiated a short- term loan of $ 685,000. The loan is due October 1, 2010, and carries a 6.86% interest rate. Use ordinary...
May 3, 2010, Leven Corp. negotiated a short- term loan of $ 685,000. The loan is due October 1, 2010, and carries a 6.86% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date?
SolutionParticularLoanInterest RatePeriod Amount6850000.06865 months Interest19579.58Total amount payable= Loan+InterestTotal amount payable= 704579.6