Homework Answers
Interest on loan Paid by Leonard Lewis to his Employer:
$15,000*6%= $ 900
$100,000*4%= $ 4,000
$10,000*7% = $ 700
__________
Total Interest $ 5600
___________
Interest As per the rates for the year
First Quarter : $125000*7%*0.25= $2187.5
Second Quarter : $125000*6%*0.25= $1875
Third Quarter : $125000*8%*0.25= $2500
Fourth Quarter : $125000*7%*0.25= $ 2187.5
Total $8750.0
Interest Benefit Enjoyed = $8750-$5600
=$ 3150
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