9. A student repaid a total of $2880.27 for a loan including the principal and interest. If the interest rate was 9% compounded monthly for 4 years, what was the principal amount of the loan, to the nearest dollar? A) $2012 B) $2040 C) $2622 D) $2795

9. A student repaid a total of $2880.27 for a loan including the principal and interest. If the interest rate was 9% compounded monthly for 4 years, what was the principal amount of the loan, to the nearest dollar? A) $2012 B) $2040 C) $2622 D) $2795

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 4MC: A ski company takes out a $400,000 loan from a bank. The bank requires eight equal repayments of the...

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9. A student repaid a total of $2880.27 for a loan including the principal and interest. If
the interest rate was 9% compounded monthly for 4 years, what was the principal
amount of the loan, to the nearest dollar?
A) $2012
B) $2040
C) $2622
D) $2795

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