Question
On May 3, 2017, Leven Corp. negotiated a short-term loan of $705,000. The loan is due October 1, 2017, and carries a 5.70% interest rate.
On May 3, 2017, Leven Corp. negotiated a short-term loan of $705,000. The loan is due October 1, 2017, and carries a 5.70% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Maturity value:
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Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk
11th Edition
0324422865, 978-0324422863
