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The Tomac Swim Club arranged short-term financing of $15,600.00 on July 19 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $7000 on September 14, $4300 on November 7, and the balance on December 30. Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 7% per annum on July 19. The rate was changed to 6.75% effective September 1 and to 7.25% effective December 1. How much interest was paid on the loan? The total interest paid was

The Tomac Swim Club arranged short-term financing of $15,600.00 on July 19 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $7000 on September 14, $4300 on November 7, and the balance on December 30. Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 7% per annum on July 19. The rate was changed to 6.75% effective September 1 and to 7.25% effective December 1. How much interest was paid on the loan? The total interest paid was

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The Tomac Swim Club arranged short-term financing of $15,600.00 on July 19 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $7000 on September 14, $4300 on November 7, and the balance on December 30. Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 7% per annum on July 19. The rate was changed to 6.75% effective September 1 and to 7.25% effective December 1. How much interest was paid on the loan? The total interest paid was $
Transcribed Image Text:The Tomac Swim Club arranged short-term financing of $15,600.00 on July 19 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $7000 on September 14, $4300 on November 7, and the balance on December 30. Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 7% per annum on July 19. The rate was changed to 6.75% effective September 1 and to 7.25% effective December 1. How much interest was paid on the loan? The total interest paid was $
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