TABLE 7-1 Interest paid Day of month 1 2 3 4 5 6 7 8 9 10 11 DRNSK2222222 13 14 15 16 17 18 19 20 21 23 24 25 26 27 28 29 30 31 31 Jan. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1922 18 20 21 22 23 24 25 26 27 28 29 30 31 Exact days-in-a-year calendar (excluding leap year)" 28 Feb. 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 - "Ohen referred to as a Juan caendar 31 Mar. 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 30 Apr. 91 92 93 115 116 31 May 94 95 96 97 98 99 100 101 131 102 132 103 133 104 134 105 135 106 136 107 137 108 138 109 139 110 140 111 141 112 142 113 143 114 144 145 146 147 148 149 150 151 117 118 119 120 121 122 123 124 125 126 127 128 129 130 30 June 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 31 July 182 183 184 185 31 Aug. 209 210 211 212 213 214 215 216 186 217 187 218 188 219 189 220 190 221 191 222 192 223 193 224 194 225 195 226 196 227 197 228 198 229 199 230 200 231 201 202 203 204 205 206 207 208 232 233 234 235 236 237 238 239 240 241 242 243 30 Sept. 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 - 31 Oct. 274 275 276 277 278 279 280 281 282 283 284 285 286 -287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 30 Nov. 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 31 Dec. 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $3,100 at 3.75% on December 26, 2019, and paid it off February 21, 2021. How much did he pay in interest? (Assume ordinary interest and no leap year.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
TABLE 7-1 Interest paid Day of month 1 2 3 4 5 6 7 8 9 10 11 DRNSK2222222 13 14 15 16 17 18 19 20 21 23 24 25 26 27 28 29 30 31 31 Jan. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1922 18 20 21 22 23 24 25 26 27 28 29 30 31 Exact days-in-a-year calendar (excluding leap year)" 28 Feb. 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 - "Ohen referred to as a Juan caendar 31 Mar. 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 30 Apr. 91 92 93 115 116 31 May 94 95 96 97 98 99 100 101 131 102 132 103 133 104 134 105 135 106 136 107 137 108 138 109 139 110 140 111 141 112 142 113 143 114 144 145 146 147 148 149 150 151 117 118 119 120 121 122 123 124 125 126 127 128 129 130 30 June 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 31 July 182 183 184 185 31 Aug. 209 210 211 212 213 214 215 216 186 217 187 218 188 219 189 220 190 221 191 222 192 223 193 224 194 225 195 226 196 227 197 228 198 229 199 230 200 231 201 202 203 204 205 206 207 208 232 233 234 235 236 237 238 239 240 241 242 243 30 Sept. 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 - 31 Oct. 274 275 276 277 278 279 280 281 282 283 284 285 286 -287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 30 Nov. 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 31 Dec. 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $3,100 at 3.75% on December 26, 2019, and paid it off February 21, 2021. How much did he pay in interest? (Assume ordinary interest and no leap year.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:TABLE 7-1
Interest paid
Day of
month
1
2345
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
23
24
25
27
31
Jan.
29
30
31
1
2
3
4
5
6
7
8
9
10
11
23456!
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
"Ohen referred to as a Julian calendar.
Exact days-in-a-year calendar (excluding leap year)"
28
Feb.
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
31
Mar.
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
30
Apr.
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
112
113
114
115
116
117
118
119
120
-
31
May
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
30
31
June July
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
31
30
Aug. Sept.
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
-
31
Oct.
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
30
Nov.
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
333
334
31
Dec.
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $3,100 at
3.75% on December 26, 2019, and paid it off February 21, 2021. How much did he pay in interest? (Assume ordinary interest and no
leap year.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
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