Automotive Excellence Inc. borrowed $17000.00 on July 14 with an interest rate of 6.6 % per...
Automotive Excellence Inc. borrowed $17000.00 on July 14 with an interest rate of 6.6 % per annum. On September 19 , $ 4600.00 was repaid, and on November 1 , $ 5800.00 was repaid. Automotive Excellence paid the balance of the loan on December 20. What was the final payment?
Homework Answers
The answer is below-
| Date | Principal | Repayment Date | No. of Days | Interest | Repaid | Balance |
| July 14 | 17000.00 | Sep 19 | 67 | 205.9562 | 4600.00 | 12605.96 |
| Sep 20 | 12605.96 | Nov 1 | 42 | 95.73619 | 5800.00 | 6901.69 |
| Nov 2 | 6901.69 | Dec 20 | 48 | 59.90291 | 6961.60 | 0.00 |
| Final Payment is $ 6961.60 | ||||||
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