A demand loan for $5409 08 with interest at 4.2% compounded annualy is repaid after 6 years, 8 months What is the amount of interest paid? The amount of interest is $ (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed)

A demand loan for $5409 08 with interest at 4.2% compounded annualy is repaid after 6 years, 8 months What is the amount of interest paid? The amount of interest is $ (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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A demand loan for $5409 08 with interest at 4.2% compounded annually is repaid after 6 years, 8 months What is the amount of interest paid?
The amount of interest is $
(Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed.)

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