State Bank made a loan at 12% interest for 360 days. If the amount of interest was $931.80, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar.)$7,663$7,765$8,815$9,678

The objective of the question is to find the principal amount borrowed from the bank using the…

Answered: State Bank made a loan at 12% interest…

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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State Bank made a loan at 12% interest for 360 days. If the amount of interest was $931.80, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar.) $7,663 $7,765 $8,815 $9,678