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Automotive Excellence Inc
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.)
Expert Solution
| 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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