Question
The company acquired a new motor vehicle which was financed visa a chattel mortgage agreement. Total chattel mortgage is $47800 Monthly repayment: $1230 in 36
The company acquired a new motor vehicle which was financed visa a chattel mortgage agreement.
Total chattel mortgage is $47800
Monthly repayment: $1230 in 36 months
the last payment which in month 36th also include lump sum payment of $8000 => therefore the total payment in the last month was $9320
Question: What is the interest rate and how much interest expense per month?
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Financial Accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
8th edition
978-1118953907, 9781118953808, 1118953908, 1118953800, 978-1119491057
