Find the simple interest owed for the loan. $2650 at 4.87% for 29 months The interest charged on a principal of $2650 at an interest rate of 4.87% over 29 months is $ (Round to the nearest cent as needed.)

Find the simple interest owed for the loan. $2650 at 4.87% for 29 months The interest charged on a principal of $2650 at an interest rate of 4.87% over 29 months is $ (Round to the nearest cent as needed.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

Question

Find the simple interest owed for the loan.
$2650 at 4.87% for 29 months
The interest charged on a principal of $2650 at an interest rate of 4.87% over 29 months is $
(Round to the nearest cent as needed.)

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