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The Tomac Swim Club arranged short-term financing of $12 500 on July 20 with the Bank of Commerce and secured the loan with a demand note.The club repaid

The Tomac Swim Club arranged short-term financing of $12 500 on July 20 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $6000 on September 15, $3000 on November 10, and the balance on December 30. Interest, calculated on the daily balance and charged to the club’s current account on the last day of each month, was at 9.5% per annum on July 20. The rate was changed to 8.5% effective September 1 and to 9% effective December 1. How much interest was paid on the loan?

Apr 09 2020 View more View Less

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