Question
You purchase a used motorcycle from a local dealer. if you pay $2,000 in cash, borrow the rest from your bank at a rate of
You purchase a used motorcycle from a local dealer. if you pay $2,000 in cash, borrow the rest from your bank at a rate of 12% compounded monthly, and pay the loan off it two years, how much did you borrow from the bank to make the purchase
1. $3,000
2. $15,000
3. $16,000
4. Cannot be determined from the information provided
5. None of the answers provided is correct
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
