**Task: Complete the following, using exact interest.***Use Days in a year table.**Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.*| Principal | Interest rate | Date borrowed | Date repaid | Exact time | Interest | Maturity value ||-----------|---------------|---------------|-------------|------------|----------|----------------|| $670 | 8% | June 8 | Dec. 11 | | | |### Instructions:- Calculate the interest using the exact number of days between the borrowing and repayment dates.- Use an interest rate of 8%.- Fill in the missing "Exact time," "Interest," and "Maturity value" fields.- Ensure to round the final interest and maturity value to the nearest cent.

Complete the following, using exact interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.) Principal Interest rate Date borrowed Date repaid Exact time Interest Maturity value 24 670 8% June 8 Dec. 11

Complete the following, using exact interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.) Principal Interest rate Date borrowed Date repaid Exact time Interest Maturity value 24 670 8% June 8 Dec. 11

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

Question

**Task: Complete the following, using exact interest.**

*Use Days in a year table.*

*Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.*

| Principal | Interest rate | Date borrowed | Date repaid | Exact time | Interest | Maturity value |
|-----------|---------------|---------------|-------------|------------|----------|----------------|
| $670 | 8% | June 8 | Dec. 11 | | | |

### Instructions:
- Calculate the interest using the exact number of days between the borrowing and repayment dates.
- Use an interest rate of 8%.
- Fill in the missing "Exact time," "Interest," and "Maturity value" fields.
- Ensure to round the final interest and maturity value to the nearest cent.

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