Suppose you take out a loan for 180 days in the amount of $15,500 at 13% ordinary interest. After 40 days, you make a partial payment of $1,000. What Is the final amount due on the loan to the nearest cent.) O $14,731.39 O $15,468.26 O $15,680.94 O $15,731.88

Suppose you take out a loan for 180 days in the amount of $15,500 at 13% ordinary interest. After 40 days, you make a partial payment of $1,000. What Is the final amount due on the loan to the nearest cent.) O $14,731.39 O $15,468.26 O $15,680.94 O $15,731.88

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

Suppose you take out a loan for 180 days in the amount of $15,500 at 13% ordinary interest. After 40 days, you make a partial payment of $1,000. What is the final amount due on the loan? (R
to the nearest cent.)
O $14,731.39
O $15,468.26
O $15,680.94
O $15,731.88

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