Suppose you take out a loan for 160 days in the amount of $14,000 at 7% ordinary interest. After 40 days, you make a partial payment of $1,500. After another 60 days, you make a second partial payment of $2,000. What is the final amount (in $) due on the loan? (Round your answer to the nearest cent.) $11850.22
Suppose you take out a loan for 160 days in the amount of $14,000 at 7% ordinary interest. After 40 days, you make a partial payment of $1,500. After another 60 days, you make a second partial payment of $2,000. What is the final amount (in $) due on the loan? (Round your answer to the nearest cent.) $11850.22
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 2P: Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for...
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