Caridad borrowed $18,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial payment of $3,000. What is the final amount due on the loan? (Round to the nearest cent.) O $15,839.17 O $16,323.14 O $16,404.44 O $16,613.53

Caridad borrowed $18,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial payment of $3,000. What is the final amount due on the loan? (Round to the nearest cent.) O $15,839.17 O $16,323.14 O $16,404.44 O $16,613.53

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14MC: Sunlight Growers borrows $250,000 from a bank at a 4% annual interest rate. The loan is due in three...

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Caridad borrowed $18,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial payment of $3,000. What is the final amount due on the loan? (Round to the nearest cent.)
O $15,839.17
O $16,323.14
O $16,404.44
O $16,613.53

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