A loan for $2,500 with a simple annual interest rate of 18% was made on June 30th and was due on August 28. Find the ordinary interest.

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 loan for $2,500 with a simple annual interest rate of 18% was
made on June 30th and was due on August 28. Find the ordinary
interest.
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Transcribed Image Text:! Q A A loan for $2,500 with a simple annual interest rate of 18% was made on June 30th and was due on August 28. Find the ordinary interest. N @ 2 W S #3 E $ 4 > R D F % 5 I X CV T G ^ 6 B Y Hey H & 7 U * 00 8 I'm - ( N M 9 9 J K O P V 0 . L
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