A $4,800 loan at 9.0% compounded monthly was settled by a single payment of $5,800 including accrued interest. How long after the initial loan was the $5,800 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days. (Do not round intermediate calculations. Round your answer to the nearest day.) month days years

A $4,800 loan at 9.0% compounded monthly was settled by a single payment of $5,800 including accrued interest. How long after the initial loan was the $5,800 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days. (Do not round intermediate calculations. Round your answer to the nearest day.) month days years

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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