Gustavo signs a promissory note for a loan of 10,000 at a rate of 3.5% per month for a 60-day term. If the default interest rate is agreed at 30% more than the normal rate, calculate the default interest and the total amount to be paid if the document is paid 11 days after the due date?

Answer rating: 100% (QA)

To calculate the default interest and the total amount to be paid we need to determine the interest ... View the full answer