Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Automotive Excellence Inc. borrowed $ 1 7 , 0 0 0 . 0 0 on June 2 1 with an interest rate of 8 .

Automotive Excellence Inc. borrowed $17,000.00 on June 21 with an interest rate of 8.9% per annum. On July 5, $4800.00 was repaid, and on August 10,$5500.00 was repaid. Automotive Excellence paid the balance of the loan on October 11. What was the final payment?
The final payment was $
(Round the final answer to the nedest cent as needed. Round all intermediate values to six decimal places as needed.)
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions