delta corporation obtained a $45, 000 loan at a rate of prime +1.15% on July 18. Fixed payments of $3500 are due on the 25th of each month, beginning August 25. The prime rate was 3.85% on july 18 and rose to 4% on september 6. What is the outstanding loan balance immediately after the september 25th payment?(use 365 days a year. Do not round immediate calculations. Round your final answer to 2 decimal places.)

delta corporation obtained a $45, 000 loan at a rate of prime +1.15% on July 18. Fixed payments of $3500 are due on the 25th of each month, beginning August 25. The prime rate was 3.85% on july 18 and rose to 4% on september 6. What is the outstanding loan balance immediately after the september 25th payment?(use 365 days a year. Do not round immediate calculations. Round your final answer to 2 decimal places.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 21E

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