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Real Estate Practice : Lesson 3880

A promissory note for $17000 is dated April the 15th 2008 and has an annual interest rate of 5%.
The interest is paybable quarterly.
None of the interest has been paid yet so a notice is sent to the borrower requesting interest due on January 15th, 2009.
How much interest is now due as of January 1, 2009 ?
Please take your time. The answer is posted below the wildlife photo.

A. $637.50
The annual interest on 17000 at 5% is $850 and we get this by multiplying .05 or 5% times 17000.
Next, divide 850 by four to get the four interest payments of $212.50.
January 15, 2009 is the beginning of the fourth quarter so three quarterly interest payments are due, and we multiply the quarterly interest payment of $212.50 time 3 to get the interest due of $637.50.
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