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snow_tiger [21]
3 years ago
15

asper makes a $28,000, 90-day, 8.5% cash loan to Clayborn Co. The amount of interest that Jasper will collect on the loan is: (U

se 360 days a year.)
Business
1 answer:
Crank3 years ago
3 0

Answer:

$595

Explanation:

The computation of the amount of interest is shown below:-

Amount of interest = Loan amount × Interest rate × Number of days ÷ Number of days in a year

= $28,000 × 8.5% × 90 ÷ 360

= $595

Therefore for computing the amount of interest we simply applied the above formula.

And the same is to be considered

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