What is the total amount leven would pay on maturity date

Reference no: EM131913043

Problem

On May 3, 2014, Leven Corp. negotiated a short-term loan of $885,000. The loan is due October 1, 2014, and carries a 6.90% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Reference no: EM131913043

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