Answered: Compute the rate (in%) for the loan.…

Compute the rate (in%) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Principal. Rate(%) time. Interest 105,000. 2 years. $17,850

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Question

Compute the rate (in%) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days.

Principal. Rate(%) time. Interest

105,000. 2 years. $17,850

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