Question

Uming a 360-day year, when a $15,217, 90-day, 12% interest-bearing note payable matures, total payme

Answer 1

Answer:

$15,674

Explanation:

Principal amount = $ 15,217

Interest rate = 12 percent per year.

Calculating interest per year

 =(12/100)x$ 15,217=  $ 1,826.04

Calculating interest for 90 days

 =(90/360)x $1,826.04 = $456.50

Total payment at maturity will be principal amount plus interest

i.e $ 15,217 +$456.50 = $15, 673.5

1.e $15, 674