Question: On May 3 , 2 0 2 0 , Leven Corporation negotiated a short - term loan of $ 8 8 5 , 0 0

On May 3,2020, Leven Corporation negotiated a short-term loan of $885,000. The loan is due October 1,2020, 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?Note: Do not round intermediate calculations. Round your answer to the nearest cent.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Required information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased...

Q:

On May 3 , 2 0 2 0 1 1 corporation negotiated a short term loan of 7 9 5 0 0 0 phone is due off. The loan is due October 1 , 2 0 2 0 and carries a 6 . 3 0 % interest rate use ordinary interest to...

Q:

Question 4 A. Suppose you are working as a consultant at RWE Investment Bank. Tulip Turner, CFO from TFK Timber Corporation, is looking for a medium-sized loan for TFK with long term to maturity that...

Q:

Calculate the simple interest and maturity value for the following problems. Round to the nearest cent as meeded. WU {0[(1) Complete the following, using ordinary interes:: LU/0/2, Solve for the...

Q:

Which company has the least efficient SG&A/Sales ratio? Baldwin Chester Andrews Digby Your Competitive Intelligence team reports that a wave of product liability lawsuits is likely to cause Baldwin...

Q:

Please see questions and data in attached files. Thanks. Your Competitive Intelligence team reports that a wave of product liability lawsuits is likely to cause Chester to pull the product Cake...

Q:

Word Problem 10-18 (Algo) [LU 10-1 (2)] On May 3, 2020, Leven Corp. negotiated a short-term loan of $675,000. The loan is due October 1, 2020, and carries a 5.50% interest rate. Use ordinary interest...

Q:

On May 3, 2020, Leven Corporation negotiated a short-term loan of $840,000. The loan is due October 1, 2020, and carries a 6.60% interest rate. Use ordinary interest to calculate the interest. What...

Q:

6 On May 3, 2020, Leven Corp. negotiated a short-term loan of $930,000. The loan is due October 1, 2020, and carries a 7.20% interest rate. Use ordinary interest to calculate the interest. What is...

Q:

CASE CONTEXT LTC has been into the market for 2 years and has recently gone through the initial public offering (IPO) process and has become a public company. LTC has an annual sale of RM45 million...

Q:

I need help in Ratio analysis of the company . Please I have only two hours to do the ratio analysis, please do it correctly and fast PLEASE DO RATIO ANALYSIS AND ANSWER RELATED QUESTIONS BELOW...

Q:

Assume that a U.S. company makes a purchase from a British company and agrees to pay a price of 2 million. a. How will the U.S. company determine the cost of this purchase for the purpose of...

Q:

Find the average rate of change mavg of the model from 2010 to 2014 (Round your answer to four decimal places) mavg billion dollars per year

Q:

Evaluate c o s - 1 ( x ) d x

Q:

An audit of the financial statements of the Hasbro Products, Inc. a publicity traded company with a market capitalization of &6.5 billion, for the year ended December 31, 2013 was performed by the...

Q:

In 2016, AJ and EOIN form a new business entity called A&E Company. AJ contributes $90,000 cash and EOIN contributes non depreciable property with an adjusted basis of $60,000 and fair value of...

Q:

You are considering an ARM with the following characteristics: Mortgage amount = $200,000 Margin = 2.50 Term = 30 years Monthly Payments Initial Teaser Rate = 3.50% All subsequent adjustments are...

Q:

Be prepared to answer the following questions: 1. Which one of the generic business strategies does each Westlake Lanes strategic option represent? 2. Which strategy should Westlake Lanes adopt? How...

Q:

From: Yasir Gajani, Website Administrator, OneDay Fresh, LLC Subject: [ CUSTOMER TIER: BUSINESS ] Website Access Hello Support, I am the Website Administrator for OneDay Fresh. All of our customers...

Q:

What skills will you need in order to share what you have learned more widely?

Q:

Which individuals or groups may not wish to be identified through any dissemination process? What steps could you take to ensure that appropriate anonymity and confidentiality are maintained and that...

Q:

To what extent do you routinely use your critical judgement to assess the reliability and validity of evidence, including that based on your previous experience?