Question
On 1 November, Year 1, Noble Co. borrowed $80,000 from South Bank and signed a 12% (annual rate), six-month note payable, all due at maturity.
On 1 November, Year 1, Noble Co. borrowed $80,000 from South Bank and signed a 12% (annual rate), six-month note payable, all due at maturity. How much must Noble pay South Bank on 1 May, Year 2, when the note matures?
Select one:
a. $82,400.
b. $89,600.
c. $80,000.
d. $84,800.
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Video Basics
Authors: Herbert Zettl
6th Edition
0495569437, 9780495569435
