Question
On the April 12 interest payment date, the outstanding balance on Eastern Yard Service's revolving loan was $2,500. The floating interest rate on the loan
On the April 12 interest payment date, the outstanding balance on Eastern Yard Service's revolving loan was $2,500. The floating interest rate on the loan stood at 6.0% on April 12, but rose to 6.5% on April 14, and to 7.25% on April 28. If Eastern Yard Service made a principal payment of $500 on April 30, what were the interest charges to its bank account on May 12?
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Intermediate Financial Management
Authors: Eugene F. Brigham, Phillip R. Daves
8th Edition
0324258917, 9780324258912
