On April 12, Michelle Lizaro borrowed $5,000 from her credit union at 9% for 80 days. The credit union uses the ordinary interest method. a. What is the amount of interest on the loan?
On April 12, Michelle Lizaro borrowed $5,000 from her credit union at 9% for 80 days. The credit union uses the ordinary interest method. a. What is the amount of interest on the loan?
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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On April 12, Michelle Lizaro borrowed $5,000 from her credit union at 9% for 80 days. The
credit union uses the ordinary interest method.
a. What is the amount of interest on the loan?
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