Harrison Corporation borrowed $30,000 from F&M Bank on June 1 of the current year. The bank required 9% interest. Interest will be paid when the nine-month note becomes due. What is the amount that will be paid upon maturity of the note? (Do not round intermediate calculations. Only round your final answer to the nearest dollar.)

Question

Quizplus · Accepted Answer

The interest for 9 months is calculated as $30,000 * 9% * (9/12) = $2,025. The total amount paid upon maturity is the principal plus interest: $30,000 + $2,025 = $32,025.

Harrison Corporation Borrowed $30,000 from F&M Bank on June 1