Question
Automotive Excellence Inc. borrowed $16,000.00 on May 26 with an interest rate of 7.2% per annum. On June 25, $5900.00 wasrepaid, and on September 18,
Automotive Excellence Inc. borrowed $16,000.00 on May 26 with an interest rate of 7.2% per annum. On June 25, $5900.00 wasrepaid, and on September 18, $ 6100.00 was repaid. Automotive Excellence paid the balance of the loan on November24. What was the finalpayment?
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Cases in Financial Reporting
Authors: Michael J. Sandretto
1st edition
538476796, 978-0538476799
