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Homework answers / question archive / On May 3, 2020, Leven Corp

On May 3, 2020, Leven Corp

Accounting

On May 3, 2020, Leven Corp. negotiated a short-term loan of $900,000. The loan is due October 1, 2020, and carries a 7.00% interest rate. Use ordinary interest to calculate the interest.

 

What is the total amount Leven would pay on the maturity date?

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