Prot.em 11.LA loan of $3000 is being repaid with quarterly payments at the end of each quarter for 10 years at 5.9% convertible quarterly. Find the outstanding loan balance at the end of the fourth yearA. $ 2339.56B.$ 2005.34C. $ 1145.01D. $3208.54E. $ 1504

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Description: Prot.em 11.LA loan of $3000 is being repaid with quarterly payments at the end of each quarter for 10 years at 5.9% convertible quarterly. Find the outstanding loan balance at the end of the fourth yearA. $ 2339.56B.$ 2005.34C. $ 1145.01D. $3208.54E

Loans are paid by equal and fixed periodic payments and these payments carry the payment for…

Answered: B.$ 2005.34

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B.$ 2005.34

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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