Hernandez Engineering borrows $5,500, at 6 1 2 % interest, for 150 days. If the bank uses the ordinary interest method, how much interest (in $) will the bank collect? (Round your answer to the nearest cent.)
Hernandez Engineering borrows $5,500, at 6 1 2 % interest, for 150 days. If the bank uses the ordinary interest method, how much interest (in $) will the bank collect? (Round your answer to the nearest cent.)
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
Question
Hernandez Engineering borrows $5,500, at
6
%
1 |
2 |
interest, for 150 days. If the bank uses the ordinary interest method, how much interest (in $) will the bank collect? (Round your answer to the nearest cent.)
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