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Category > Accounting Posted 14 May 2017 My Price 5.00

Comparison of Simple and Compound Interest

 

Comparison of Simple and Compound Interest

On June 30, 2008, Rolloff Inc. borrowed $25,000 from its bank, signing a 6% note. Principal and

interest are due at the end of two years.

Required

1. Assuming that the note earns simple interest for the bank, calculate the amount of interest

accrued on each of the following dates:

December 31, 2008

December 31, 2009

June 30, 2010

2. Assume instead that the note earns 6% for the bank but is compounded semiannually.

Calculate the amount of interest accrued on the same dates as in (1).

3. How much additional interest expense will Rolloff have to pay with semiannual interest?

 

 

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 14 May 2017 06:05 AM My Price 5.00

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file 1494744289-Answer.docx preview (194 words )
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