The Tomac Swim Club arranged short-term financing of $13,000.00 on July 19 with the Bank of Comm and secured the loan with a demand note. The club repaid the loan by payments of $6100 on Septeml 13, $3200 on November 25, and the balance on December 30. Interest, calculated on the daily balanc and charged to the club's current account on the last day of each month, was at 6% per annum on July The rate was changed to 6.5% effective September 1 and to 5.5% effective December 1. How much interest was paid on the loan?

The Tomac Swim Club arranged short-term financing of $13,000.00 on July 19 with the Bank of Comm and secured the loan with a demand note. The club repaid the loan by payments of $6100 on Septeml 13, $3200 on November 25, and the balance on December 30. Interest, calculated on the daily balanc and charged to the club's current account on the last day of each month, was at 6% per annum on July The rate was changed to 6.5% effective September 1 and to 5.5% effective December 1. How much interest was paid on the loan?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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