Amits small business loan requires payments of $1,009.85 at the end of every month for...

70.2K

Verified Solution

Question

Accounting

Amits small business loan requires payments of $1,009.85 at the end of every month for four years, including interest at 6.6% compounded monthly. What was the original amount of the loan? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students