n automotive dealer borrowed $9800.00 from the Bank of Montreal on a demand note on May 10. Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the 10th of each month. The automotive dealer made a payment of $2600 on July 23, a payment of $ 4200 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 10 was 7% per annum. The rate was changed to 8% on August 1 and to 7.5% on October 1. What was the total interest cost for the loan? The total interest cost for the loan is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
n automotive dealer borrowed $9800.00 from the Bank of Montreal on a demand note on May 10. Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the 10th of each month. The automotive dealer made a payment of $2600 on July 23, a payment of $ 4200 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 10 was 7% per annum. The rate was changed to 8% on August 1 and to 7.5% on October 1. What was the total interest cost for the loan? The total interest cost for the loan is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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An automotive dealer borrowed $9800.00 from the Bank of Montreal on a demand note on May 10. Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the 10th of each month. The automotive dealer made a payment of $2600 on July 23, a payment of $ 4200 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 10 was 7% per annum. The rate was changed to 8% on August 1 and to 7.5% on October 1. What was the total interest cost for the loan? The total interest cost for the loan is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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