Question
Carlos borrowed $85,000 at a rate of 11%. The date of the loan was July 8. Joan is to repay the loan on September 14.
Carlos borrowed $85,000 at a rate of 11¾%. The date of the loan was July 8. Joan is to repay the loan on September 14. Assuming the loan is based on exact interest, the interest Joan will pay on September 14 is:
$86,860.68
$1,860.68
$1,886.53
$86,886.53
None of these
Step by Step Solution
3.55 Rating (159 Votes )
There are 3 Steps involved in it
Step: 1
The detailed answer for the above question is provided ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
