emand loan was paid off with payments of $3,000 on April 10th, $2,000 on September 25th and a final payment of $5,447.13 on December 5th. If it uses the standard declining balance method, what was the original amount of the loan back on March 8?
emand loan was paid off with payments of $3,000 on April 10th, $2,000 on September 25th and a final payment of $5,447.13 on December 5th. If it uses the standard declining balance method, what was the original amount of the loan back on March 8?
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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A 7% p.a. demand loan was paid off with payments of $3,000 on April 10th, $2,000 on September 25th and a final payment of $5,447.13 on December 5th. If it uses the standard declining balance method, what was the original amount of the loan back on March 8?
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