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6. A company borrows $10,000 by signing a note payable promising to repay the principal plus interest calculated at the rate of 5% in 180
6. A company borrows $10,000 by signing a note payable promising to repay the principal plus interest calculated at the rate of 5% in 180 days. What is the total interest expense? Interest rate ( expense )=( number days /365) * rate * principle Interest rate ( expense )=(180/365)0.0510000 Interest rate ( expense )=0.493150.0510000=$246.57 ONLY FOR SIMPLE INTEREST EXAMPLES NOT COMPOUND
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Entrepreneurial Financial Management An Applied Approach
Authors: Jeffrey R. Cornwall, David O. Vang, Jean M. Hartman
4th Edition
0765646854, 978-0765646859
