Suppose you take out a loan for 180 days in the amount of $12,500 at 15% ordinary interest. After 40 days, you make a partial payment of $1,000. What is the final amount due on the loan? (Round to the nearest cent.)
Suppose you take out a loan for 180 days in the amount of $12,500 at 15% ordinary interest. After 40 days, you make a partial payment of $1,000. What is the final amount due on the loan? (Round to the nearest cent.)
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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Suppose you take out a loan for 180 days in the amount of $12,500 at 15% ordinary interest. After 40 days, you make a partial payment of $1,000. What is the final amount due on the loan? (Round to the nearest cent.)
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