Answered: how much did Tiffany borrow?

Business

Accounting

how much did Tiffany borrow?

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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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

Question

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Tiffany Francis borrowed money From her credit union to buy a car at 13.5% simple interest. If the loan was repaid in 2 years and the Amount of interest was $2,700, how much did Tiffany borrow?

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