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

Loan amount or Present Value = $4,800Interest rate = 9%Future Value = $5,800

Answered: A $4,800 loan at 9.0% compounded…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...

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