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Homework answers / question archive / Automotive Excellence Inc

Automotive Excellence Inc

Finance

Automotive Excellence Inc. borrowed $18,000.00 on March 4 with an interest rate of 4.7% per annum. On June 1, $5100.00 was repaid, and on August 16, $5600.00 was repaid. Automotive Excellei paid the balance of the loan on October 3. What was the final payment? 
The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 
 

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Computation of Amount of Final Payment:    
Date Principal Repayment Date No. of Days Interest Repaid Balance
Mar-04 18000 Jun-01 90 208.602740 $5,100  13108.602740
Jun-02 13108.6 Aug-16 76 128.284737 5600 7636.884737
Aug-17 7636.885 Oct-03 48 47.202225 7684.086962 0
             
Final Payment is $7,684.086962 or $7,684.09        

 

Computation of Amount of Final Payment:        
Date Principal Repayment Date No. of Days Interest Repaid Balance
38047 18000 37043 =28+30+31+1 =18000*4.7%*90/365 5100 =18000-5100+208.60274
37408 13108.60274 42583 =29+31+16 =13108.60274*4.7%*76/365 5600 =13108.6-5600+128.284737
42948 7636.884737 37895 =15+30+3 =7636.884737*48/365*4.7% =7636.884737+47.202225 =7636.884737+47.202225-7684.086962
             
Final Payment is $7,684.086962 or $7,684.09        

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