Rosewood Inc. recently signed a $350,000, six-month note on August 22, 2013. The interest rate is 6.5%. How much total interest will be due on the note at maturity?
A) $11375
B) $24,500
C) $12,250
D) $8,167
Answer: A) $11375
Interest due at maturity=$350,000*6.5%*6 months
ie
=$350,000*6.5%*(6/12)
=$11375.
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