Automotive Excellence Inc. borrowed $17,000.00 on May 11 with an interest rate of 10.7% per annum. On July 21, $5800.00 was repaid, and on August 12, S6000.00 was repaid. Automotive Excellence paid the balance of the loan on October 6. What was the final payment? The final payment was S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Automotive Excellence Inc. borrowed $17,000.00 on May 11 with an interest rate of 10.7% per annum. On July 21, $5800.00 was repaid, and on August 12, S6000.00 was repaid. Automotive Excellence paid the balance of the loan on October 6. What was the final payment? The final payment was S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...
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![Automotive Excellence Inc. borrowed $17,000.00 on May 11 with an interest rate of 10.7% per annum. On July 21, $5800.00 was repaid, and on August 12, S6000.00 was repaid. Automotive Excellence paid the balance of the
loan on October 6. What was the final payment?
The final payment was S
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F41c6b717-4101-4adb-8046-94dd9e0d4a23%2Fbe821707-dfd0-4db6-afbb-154bbd4cc228%2Fqf67wdr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Automotive Excellence Inc. borrowed $17,000.00 on May 11 with an interest rate of 10.7% per annum. On July 21, $5800.00 was repaid, and on August 12, S6000.00 was repaid. Automotive Excellence paid the balance of the
loan on October 6. What was the final payment?
The final payment was S
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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