A loan of $172,000 at 3.12% compoundedquarterly was to be settled with month-endpayments of $7,750. What will be the balanceon the loan at the end of year 1?need answer immediately its test plz answersoon as possible

Annual, semi-annual, quarterly, or monthly payment of loan includes the portion of interest expense…

Answered: A loan of $172,000 at 3.12% compounded…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A loan of $172,000 at 3.12% compounded quarterly was to be settled with month-end payments of $7,750. What will be the balance on the loan at the end of year 1? need answer immediately its test plz answer soon as possible