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Cameron received a demand loan for $8,000 from his bank on January 30, 2011 at 6.00% p.a. simple interest. On May 24, 2011, the interest
Cameron received a demand loan for $8,000 from his bank on January 30, 2011 at 6.00% p.a. simple interest. On May 24, 2011, the interest rate on the loan changed to 6.25% p.a. and Cameron settled the loan on July 16, 2011. Calculate the total interest paid on the loan.
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Advanced Accounting
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
11th edition
538480289, 978-0538480284
