Financial Accounting: Interest Due

Question

On the maturity date of a $6,000, 6-month, 11% note, the borrower sends a check that includes the principal and all of the interest due on the note. What is the amount of the borrower’s check?

$9,960
$6,330
$6,000
$6,660

Answer 1

Principal + Interest = Total Payment

 

Thus:  $6,000 + Interest = Total Payment

Thus:  $6,000 + ($6,000 *.11*(6/12)) = Total Payment

Thus:  $6,000 + ($6,000 *.11*.5) = Total Payment

Thus:  $6,000 + ($6,000 * 0.055) = Total Payment

Thus:  $6,000 + ($330) = Total Payment

 

Thus $6,330 = Total Payment - which is the solution

 

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Answer 2

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