Question
Barnes Bank lent $20,000 to the owner of an established restaurant for some muchneeded renovations.This demand loan was given on February 1, 2012 at 7.5%
Barnes Bank lent $20,000 to the owner of an established restaurant for some muchneeded renovations.This demand loan was given on February 1, 2012 at 7.5% p.a.simple interest.Partial payments were made of $1000 on June 10, $400 onSeptember 20, and $1200 on November 15.
Using the declining balance method, calculate the outstanding balance on December 31.
a)Feb 1 to June 10:
b)June 10 to Sep 20:
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Introduction To Derivatives And Risk Management
Authors: Don M. Chance, Robert Brooks
10th Edition
130510496X, 978-1305104969
