The Tomac Swim Club arranged short-term financing of $15,600.00 on July 19 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $7000 on September 14, $4300 on November 7, and the balance on December 30. Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 7% per annum on July 19. The rate was changed to 6.75% effective September 1 and to 7.25% effective December 1. How much interest was paid on the loan? The total interest paid was
The Tomac Swim Club arranged short-term financing of $15,600.00 on July 19 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $7000 on September 14, $4300 on November 7, and the balance on December 30. Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 7% per annum on July 19. The rate was changed to 6.75% effective September 1 and to 7.25% effective December 1. How much interest was paid on the loan? The total interest paid was
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
Round
the final answer to the nearest cent as needed. Round all intermediate values to six decimal
places as
needed.)
Transcribed Image Text:The Tomac Swim Club arranged short-term financing of
$15,600.00
on July
19
with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by
payments of
$7000
on September
14,
$4300
on November
7,
and the balance on December 30. Interest, calculated on the daily balance and charged to the club's
current account on the last day of each month, was at
7%
per annum on July
19.
The rate was changed to
6.75%
effective September 1 and to
7.25%
effective December 1. How much interest was paid on the loan?
The total interest paid was
$
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