A loan of $2500 is taken out on May 12. It is to be paid back...
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A loan of $2500 is taken out on May 12. It is to be paid back within a 1-year period with partial payments of $1000 on August 26, $40 on November 19, and $350 on January 9. If the rate of interest is 8%, what is the final balance due on March 20 by the Declining Balance Method? By the Merchant's Rule? A loan of $2500 is taken out on May 12. It is to be paid back within a 1-year period with partial payments of $1000 on August 26, $40 on November 19, and $350 on January 9. If the rate of interest is 8%, what is the final balance due on March 20 by the Declining Balance Method? By the Merchant's Rule?
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Answer rating: 100% (QA)
To calculate the final balance due on March 20 we can use two methods the Declining Balance Method and the Merchants Rule Declining Balance Method The ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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