A $10,000 payment on March 15^th was not paid. Instead $10,158.63 was paid earning 6.4% interest compounded monthly. The payment was made on June 13.

Name: A $10,000 payment on March 15 th was not paid. Instead $10,158.63 was paid earning 6.4% interest compounded monthly. The payment was made on June 13.
Brand: Quizplus
Rating: 4.9 (24 reviews)

Question

Quizplus · Accepted Answer

The payment of $10,158.63 includes the original $10,000 plus interest accrued over approximately 3 months at a 6.4% annual rate, compounded monthly, which matches the scenario described.

A $10,000 Payment on March 15th Was Not Paid

A $10,000 Payment on March 15^th Was Not Paid