State Bank made a loan at 12% interest for 360 days. If the amount of interest was $935.40, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar.)O $7,693O $7,795O $8,851O $9,714

Interest = $935.40 Interest Rate = 12% Time Period = 360 Days

Answered: State Bank made a loan at 12% interest…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 4MC: A ski company takes out a $400,000 loan from a bank. The bank requires eight equal repayments of the...

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A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
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State Bank made a loan at 12% interest for 360 days. If the amount of interest was $935.40, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar. O $7,693 O $7,795 O $8,851 O $9,714