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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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A business borrows $1,000, signing a note that requires an interest rate of 12% per year and repayment of principal plus interest in a single payment at the end of 1 year. Calculate the total interest on the note. What is the amount of the single payment?

To determine

Principal amount:

The amount of principal is the amount of money which is lent to the borrower.

Interest amount:

The amount of interest is the amount which is recovered on the money lent to the borrower at a specified rate.

To calculate:

The total interest and single payment amount.

Explanation

Given:

Borrowed amount by business=$1,000Interest rate=12% per year

Here, as per the above given information, the principal amount is:

Principal amount=$1,000

Now, the amount of interest is to be calculated as:

Interest formula=Principal×Rate×Time in months

Amount of Principal=$1,000

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