Automotive Excellence Inc. borrowed $18,000.00 on May 26 with an interest rate of 10.8% per annum. On June 25, $4900.00 was repaid, and on September 18, $5500.00 was repaid. Automotive Excellence paid the balance of the loan on November 24. 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 $18,000.00 on May 26 with an interest rate of 10.8% per annum. On June 25, $4900.00 was repaid, and on September 18, $5500.00 was repaid. Automotive Excellence paid the balance of the loan on November 24. 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.)

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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