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maksim [4K]
3 years ago
15

Assuming a 360-day year, when a $20,000, 90-day, 5% interest-bearing note payable matures, total payment will be

Business
1 answer:
solong [7]3 years ago
7 0

Answer:

total payment will be $21,000.

Explanation:

The Payment at maturity will include, the Principle amount (amount borrowed) and the Interest that accrued over the period of the note payable.

<u>Total Payment Calculation :</u>

Principle amount            = $20,000

Interest ($20,000 × 5%) =    $1,000

Total Payment                =  $21,000

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