Answered: A 3 year straight note was executed by…

A 3 year straight note was executed by a buyer. The interest paid over the term was $3,431.70. The annual interest rate was 9.3%. What was the loan amount?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 26P

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Question

A 3 year straight note was executed by a buyer.
The interest paid over the term was $3,431.70. The
annual interest rate was 9.3%. What was the loan
amount?
Select one:
a. $9,150
b. $36,900
c. $31,915
d. $12,300
Finish attempt...

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