Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,700 for 236 days, if the amount of interest is $365.67.(Round to nearest tenth percent.)4.1%O 6.4%O 9.8%O 12.5%

Valley Mountain Vineyards has accepted a $5,700 loan with a 236-day term. The loan's interest cost…

Answered: Use the ordinary interest method to…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
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Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,700 for 236 days, if the amount of interest is $365.67. (Round to nearest tenth percent.) O4.1% O 6.4% O 9.8% O 12.5%