SOLUTION: $20,000 loan at 11 percent dated March 9 is due to be paid on July 10. The amount of interest is: (Assum ordinary interest)
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Question 621684: $20,000 loan at 11 percent dated March 9 is due to be paid on July 10. The amount of interest is: (Assum ordinary interest)
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
I=20000*0.11*4/12
I=$733.33
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