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On April 1, 2021, a company loans one of its suppliers $57,000 and accepts a 29-month, 13% note receivable. Calculate the amo
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Statement showing Computations
Particulars Amount
Lan given on Apr 01'2021       57,000.00
Period of loan 29 Months
Interest rate 13%
Month in 2021 - April To Dec                  9.00
Interest in 2021 = 57000*13%*9/12         5,557.50
Month in 2022 - Jan To Dec               12.00
Interest in 2022 = 57000*13%*12/12         7,410.00
Month in 2023 =29 - 12 - 9                  8.00
Interest in 2023 = 57000*13%*8/12         4,940.00
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