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The Tomac Swim Club arranged short - term financing of $ 1 2 , 0 0 0 . 0 0 on July 1 4 with
The Tomac Swim Club arranged shortterm financing of $ on July
with the Bank of Commerce and secured the loan with a demand note.
The club repaid the loan by payments of $ on September $ on
November and the balance on December Interest, calculated on the
daily balance and charged to the club's current account on the last day of
each month, was at per annum on July The rate was changed to
effective September and to effective December How much
interest was paid on the loan?
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