Edgar borrowed $8200 on a 220-day note that required ordinaryinterest at 10.4%. Edgar paid $3000 on the note on day 150. How muchinterest did he save by making the partial payment?$408.81$53.48O $242.99O $521.16hpt12f11トトf1o40700 Find the maturity value of a loan of $53,845 after 21 months. The loancarries a simple interest rate of 10.4% per year. Round to the nearestcent.

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Edgar borrowed $8200 on a 220-day note that required ordinary interest at 10.4%. Edgar paid $3000 on the note on day 150. How much interest did he save by making the partial payment?

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

Edgar borrowed $8200 on a 220-day note that required ordinary
interest at 10.4%. Edgar paid $3000 on the note on day 150. How much
interest did he save by making the partial payment?
$408.81
$53.48
O $242.99
O $521.16
hp
t12
f11
トト
f1o
40
7
00

Find the maturity value of a loan of $53,845 after 21 months. The loan
carries a simple interest rate of 10.4% per year. Round to the nearest
cent.

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