A loan of $21,224 was repaid at the end of 14 months. What size repayment check (principal and interest) was written, if a 5.6% annual rate of interest was charged? The amount of the repayment check was $ (Round to two decimal places.)
A loan of $21,224 was repaid at the end of 14 months. What size repayment check (principal and interest) was written, if a 5.6% annual rate of interest was charged? The amount of the repayment check was $ (Round to two decimal places.)
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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A loan of $21,224 was repaid at the end of 14 months. What size repayment check (principal and interest) was written, if a 5.6% annual rate of interest was charged?
The amount of the repayment check was $
(Round to two decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F684557e6-0537-4618-bac0-a581522a82ea%2F15d675e7-396d-42bc-89b3-3c087b1e9754%2Fwup7njn_processed.jpeg&w=3840&q=75)
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A loan of $21,224 was repaid at the end of 14 months. What size repayment check (principal and interest) was written, if a 5.6% annual rate of interest was charged?
The amount of the repayment check was $
(Round to two decimal places.)
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