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he chart below shows the payments made towards paying off a $12,000 loan. How ch of the third payment is interest paid toward the loan? Payment Principal Paid ($) Period Payment ($) Balance ($) (month) 12,000 1. 300 240.00 11,760.00 300 241.20 11,518.80 300 242.41 11,276.39 557.59 B) $58.80 C) $60.00 D) $176.39

he chart below shows the payments made towards paying off a $12,000 loan. How ch of the third payment is interest paid toward the loan? Payment Principal Paid ($) Period Payment ($) Balance ($) (month) 12,000 1. 300 240.00 11,760.00 300 241.20 11,518.80 300 242.41 11,276.39 557.59 B) $58.80 C) $60.00 D) $176.39

FINANCIAL ACCOUNTING
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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4. The chart below shows the payments made towards paying off a $12,000 loan. How much of the third payment is interest paid toward the loan? Payment Principal Paid ($) Period Payment ($) Balance ($) (month) 12,000 1 300 240.00 11,760.00 300 241.20 11,518.80 300 242.41 11,276.39 A) $57.59 B) $58.80 C) $60.00 D) $176.39
Transcribed Image Text:4. The chart below shows the payments made towards paying off a $12,000 loan. How much of the third payment is interest paid toward the loan? Payment Principal Paid ($) Period Payment ($) Balance ($) (month) 12,000 1 300 240.00 11,760.00 300 241.20 11,518.80 300 242.41 11,276.39 A) $57.59 B) $58.80 C) $60.00 D) $176.39
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