Question

A loan of $17,553 was repaid at the end of 10 months. What size repayment check (principal and interest) was written, if an 8.5% annual rate of interest was charged? The amount of the repayment check was $. (Round to two decimal places.)

Name: a loan of 17553 was repaid at the end of 10 months what size repayment check principal and interest was written if an 85 annual rate of interest was charged the amount of the repayment check 03212
Uploaded: 2024-05-02T23:58:47-08:00
Duration: 1 min 37 s
Channel: Sheryl Ezze
Description: a loan of 17553 was repaid at the end of 10 months what size repayment check principal and interest was written if an 85 annual rate of interest was charged the amount of the repayment check 03212

          A loan of $17,553 was repaid at the end of 10 months. What size repayment check (principal and interest) was written, if an 8.5% annual rate of interest was charged?
The amount of the repayment check was $. (Round to two decimal places.)

a loan of 17553 was repaid at the end of 10 months what size repayment check principal and interest was written if an 85 annual rate of interest was charged the amount of the repayment check 03212

Added by Victor Manuel W.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Sheryl Ezze

05/02/2024

Step 1

Annual interest rate = 8.5% = 0.085 Monthly interest rate = Annual interest rate / 12 = 0.085 / 12 = 0.00708333 Show more…

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A loan of $17,553 was repaid at the end of 10 months. What size repayment check (principal and interest) was written, if an 8.5% annual rate of interest was charged? The amount of the repayment check was $. (Round to two decimal places.)