Assume you take out a $3000 loan, compounded monthly, for 2 and a half years at 8.5% APR. What is the last month's interest? Answer rounded to the nearest penny. $26.08 $147.04 $10.76 O None of the other answers are correct. $2716.46 $707.52

Assume you take out a $3000 loan, compounded monthly, for 2 and a half years at 8.5% APR. What is the last month's interest? Answer rounded to the nearest penny. $26.08 $147.04 $10.76 O None of the other answers are correct. $2716.46 $707.52

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Question

Assume you take out a $3000 loan, compounded monthly, for 2 and a half years at 8.5% APR. What is the last month's
interest? Answer rounded to the nearest penny.
$26.08
$147.04
$10.76
O None of the other answers are correct.
$2716.46
$707.52

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