Answered: Carol borrowed $5,200 and signed a…

Carol borrowed $5,200 and signed a straight note with an interest rate of 7% per annum. If she paid $1125 in interest during the term of the note, What was the term of the note?

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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Question

Carol borrowed $5,200 and signed a straight
note with an interest rate of 7% per annum. If
she paid $1125 in interest during the term of
the note, What was the term of the note?

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