Answer:
c. $4,800
Explanation:
Loan Note is the promissory document to repay a specific amount of loan after a specific time period along with interest applicable to the loan value using a specified rate.
Interest amount can be calculated as follow
Interest = Loan Note's face value x Interest rate x Numbers of months upto maturity / NUmbers of months in a year
Placing values in the formula
Interest = $90,000 x 8% x 8/12
Interst = $4,800
The total cash paid for interest (only) at the maturity of the note by Lexter will be: c.$4,800.
Using this formula
Total cash paid =Cash× Interest rate× Number of months
Where:
Cash=$90,000
Interest rate=8% or 0.08
Number of months=8/12
Let plug in the formula
Total cash paid=$60,000×0.08×8/12
Total cash paid=$4.800
Inconclusion the total cash paid for interest (only) at the maturity of the note by Lexter will be: c.$4,800.
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