i need accurate answer. make sure (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Automotive Excellence Inc. borrowed $18,000.00 on March 4 with an interest rate of 8.8% per annum. On June 1, $5000.00 was repaid, and on August 16, $5100.00 was repaid. Automotive Excellence paid the balance of the loanon October 3. What was the final payment?The final payment was $(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

We need to compute loan balance as on October 3 to determine the final payment.

Automotive Excellence Inc. borrowed $18,000.00 on March 4 with an interest rate of 8.8% per annum. On June 1, $5000.00 was repaid, and on August 16, S5100.00 was repaid. Automotive Excellence paid the balance of the loan on October 3. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Automotive Excellence Inc. borrowed $18,000.00 on March 4 with an interest rate of 8.8% per annum. On June 1, $5000.00 was repaid, and on August 16, S5100.00 was repaid. Automotive Excellence paid the balance of the loan on October 3. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...

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