rachel received a demand loan for $8795 fromher bank on january 30 2011 at 5.13% p.asimple interest on march 24 2011 the interestrate on tge loan changed to 6.06% pa andrachel settled the loan on july 16 2011 cal. thetotal interest paid on the loan

Given:- Principal Amount = $8795 r1 = Rate of Interest from Jan 30 to Mar 24 = 5.13% = 0.0513 r2 =…

Answered: rachel received a demand loan for $8795…

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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rachel received a demand loan for $8795 from her bank on january 30 2011 at 5.13% p.a simple interest on march 24 2011 the interest rate on tge loan changed to 6.06% pa and rachel settled the loan on july 16 2011 cal. the total interest paid on the loan