Mr. Hephaestus Vulcan took out a loan to buy anetbook computer on February 2. The loan is due tobe repaid on April 15 when Mr. Anthony expects toreceive his salary. The interest on the loan is P378at a rate of 10.5%. Find the Principal. Count theexact days and use a 360-day year.

Solution Given Date when loan taken February 2 Loan to be paid on April 15 Interest…

Answered: Ir. Hephaestus Vulcan took out a loan…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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Ir. Hephaestus Vulcan took out a loan to buy a etbook computer on February 2. The loan is due to e repaid on April 15 when Mr. Anthony expects to ceive his salary. The interest on the loan is P378 a rate of 10.5%. Find the Principal. Count the zact days and use a 360-day year.