On April 3, the Mears Flag Company borrowed $11,000 to pay for start-up costs for...
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On April 3, the Mears Flag Company borrowed $11,000 to pay for start-up costs for its new Showroom. The loan had a simple interest rate of 9.75% and was for 220 days. The company was able to make partial payments of $5000 on May 28 and $3500 on October 12. How much will the company owe on the date of maturity? Assume 360 days in a year. Click the icon to view a table of the number of the day of the year for each date. The company will owe $ on the date of maturity. (Round to the nearest cent as needed.)
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