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?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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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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