State Bank made a loan at 12% interest for 360 days. If the amount of interest was $935.40, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar. O $7,693 O $7,795 O $8,851 O $9,714
State Bank made a loan at 12% interest for 360 days. If the amount of interest was $935.40, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar. O $7,693 O $7,795 O $8,851 O $9,714
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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![State Bank made a loan at 12% interest for 360 days. If the amount of interest was $935.40, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar.)
O $7,693
O $7,795
O $8,851
O $9,714](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fddf5589e-d92b-42b2-8ea5-90a454d595c8%2F9fb4d30a-68da-4160-9435-68daf799c1d8%2Fq4mdipm_processed.png&w=3840&q=75)
Transcribed Image Text:State Bank made a loan at 12% interest for 360 days. If the amount of interest was $935.40, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar.)
O $7,693
O $7,795
O $8,851
O $9,714
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