On the maturity date of a $10,800, 6-month, 8% note, the borrower sends a check that includes the principal and all of the inter
est due on the note. What is the amount of the borrower's check?
1 answer:
Answer: $ 11,232.00
Step-by-step explanation:
Given: Amount = $ 10,800
Interest Rate = 8% =0.08
Time in Months= 6.00
Formula :
Interest on Note = (Amount)× (Interest Rate) × ((Time in Months) /12)
= (10800)× (0.08)× (6/12)
= $432
The amount of the borrower's check =(Amount + Interest on Note)
= $ (10,800+432)
= $ 11,232.00
Hence, The amount of the borrower's check = $ 11,232.00
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