ars. After you paid the first month's payment (i.e., August 1), you received the tax return of $300 from the IRS on the same day. You used the tax return for the loan payment on the same day. The outstanding balance after the 4th, 5th, and 6th term payments is presented in the table below. What would be the outstanding balance after the 7th term payment? 4th 1
ars. After you paid the first month's payment (i.e., August 1), you received the tax return of $300 from the IRS on the same day. You used the tax return for the loan payment on the same day. The outstanding balance after the 4th, 5th, and 6th term payments is presented in the table below. What would be the outstanding balance after the 7th term payment? 4th 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Let's assume you borrowed $2000 from Wells Fargo Bank on July 1. The annual Percentage Rate is 5%. The term is 2 years. After you paid the first month's payment (i.e., August 1), you received the tax return of $300 from the IRS on the same day. You used the tax return for the loan payment on the same day. The outstanding balance after the 4th, 5th, and 6th term payments is presented in the table below. What would be the outstanding balance after the 7th term payment? 4th 1376.01 5th 1294.00 6th 1211.65
1001.35
986.94
1003.48
1128.95
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