Answered: Kelly received $175 interest over the…

Kelly received $175 interest over the last three years on a deposit earning 2.3% simple interest. Find the amount of the deposit

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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Concept explainers

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.

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Kelly received $175 interest over the last three years on a deposit earning 2.3% simple interest. Find the amount of the deposit

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