Elise and Joe Farmalot borrow $195,000 on March 15. Joe and Elise expect to repay...
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Accounting
Elise and Joe Farmalot borrow $195,000 on March 15. Joe and Elise expect to repay $100,000 on October 15 and the remaining balance on November 15. Calculate the total interest obligation if the interest rate is 6% and interest is charged on the daily outstanding principal balance.
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