Question
1. A demand loan of $45,000 on November 05, 2020 at 5 % p.a. simple interest was settled by apayment of $700 on March 15,
1. A demand loan of$45,000onNovember 05, 2020 at 5%p.a. simple interest was settled by apayment of$700onMarch 15, 2021and the outstanding balance onJune 15, 2021. Usingthedeclining balance method, calculate the amount of the last payment.
2. How much was deposited in an account onJune 15, 2018in order to have a balance of$5,300onFebruary 22, 2020? The account earns2.55%compoundedquarterly.
3. An investment today of$1,850will earn2.4%compoundedquarterlyfor the first2.5years and2.85%compoundedsemi-annuallyfor the next5years. Find the totalinterestearned.
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
5th Canadian edition
77429494, 1259105709, 1260480798, 978-1259105708
