Automotive Excellence Inc. borrowed $17,000.00 on March 4 with an interest rate of 8.6% per annum. On June 1, $5100.00 was repaid, and on August 16, $5600.00 was repaid. Automotive Excellence paid the balance of the loan on October 3. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Automotive Excellence Inc. borrowed $17,000.00 on March 4 with an interest rate of 8.6% per annum. On June 1, $5100.00 was repaid, and on August 16, $5600.00 was repaid. Automotive Excellence paid the balance of the loan on October 3. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
![Automotive Excellence Inc. borrowed $17,000.00 on March 4 with an interest rate of 8.6% per annum. On June 1, $5100.00 was repaid, and on August 16, $5600.00 was repaid.
Automotive Excellence paid the balance of the loan on October 3. What was the final payment?
The final payment was $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff8385a7-eae2-4d15-a316-2c17d3970fe7%2F51f8d93e-a2f2-4764-b5b2-30401897831e%2Fapnm01_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Automotive Excellence Inc. borrowed $17,000.00 on March 4 with an interest rate of 8.6% per annum. On June 1, $5100.00 was repaid, and on August 16, $5600.00 was repaid.
Automotive Excellence paid the balance of the loan on October 3. What was the final payment?
The final payment was $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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