Question
hristy has taken a loan to buy baking equipment to start a small business. They need to borrow $95,000.00 using a 9-year small business loan.
hristy has taken a loan to buy baking equipment to start a small business. They need to borrow $95,000.00 using a 9-year small business loan. The loan has an interest rate of 6.8% compounded monthly, and they will make monthly payments of $1,178.50. (Round all answers to 2 decimal places.) What is the unpaid balance after 13 months? $ During this time period, how much interest did they pay?
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Accounting The Basis For Business Decisions
Authors: Robert F. Meigs, Walter B Meigs
5th Edition
007041551X, 9780070415515
