Answered: Slingerland borrowed $7,000 on July 20…

Slingerland borrowed $7,000 on July 20 at 11% interest. If the loan was due on October 15, what was the amount of interest on the loan using the exact interest method?

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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Question

Slingerland borrowed $7,000 on July 20 at 11% interest. If the loan was due on October 15, what was the amount of interest on the loan using the exact interest method?

options are:

a. 120.25

b. 166.85

c. 183.53

d. 256.67

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