Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Determine the amount of interest due on an $85,000 short term loan, with a term of 300 days and a simple interest rate of 8%.

Determine the amount of interest due on an $85,000 short term loan, with a term of 300 days and a simple interest rate of 8%.

$6,859.04

5,100.10

$5,589.04

$5,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Performance Auditing A Measurement Approach

Authors: Ronell B. Raaum CGAP CGFM, Stephen L. Morgan CIA CGAP CFE CGFM

2nd Edition

0894136607, 9780894136603

More Books

Students also viewed these Accounting questions

Question

3. Give examples of four fair disciplinary practices.

Answered: 1 week ago

Question

4. Explain how to use fair disciplinary practices.

Answered: 1 week ago