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.)
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?