10 A man borrowed $3800 from a bank for 9 months. A friend was cosigner of the man's personal note. The bank collected 3-% simple interest on the date of maturity.a) How much did the man pay for the use of the money?b) Determine the amount he repaid to the bank on the due date of the note.a) The man paid $ for the use of the money.

Given p=3800 T=9months Rate = 3.5%

Answered: A man borrowed $3800 from a bank for 9…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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A man borrowed $3800 from a bank for 9 months. A friend was cosigner of the man's personal note. T a) How much did the man pay for the use of the money? b) Determine the amount he repaid to the bank on the due date of the note.