Kimmel, Financial Accounting, 8e FINANCIAL ACCOUNTING (200) ctice Assignment Gra

Question

Kimmel, Financial Accounting, 8e FINANCIAL ACCOUNTING (200) ctice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR FULL SCREEN PRINTERERSION BACK NEXT Brief Exercise G-6 Hugh Curtin borrowed $30,700 on July 1, 2017, This amount plus accrued interest at 12% compounded annually is to be repaid on July 1, 2022. Click here to view the factor table, (For calculation purposes, use 5 decimal places as displayed in the factor table provided) How much will Hugh have to repay on July 1, 2022? (Round answer to 2 decimal places, e.g. 25.25.) Amount to be repaid on July 1, 2022 LINK TO TEXT Question Attempts: 0 of 2 used SUBMIT ANSWER SAVE FOR LATER

Explanation / Answer

Ans Amt to be repaid is Principal*(1+rate of interest)^time 30700*(1+.12)^5 30700*1.76234 54103.84 Amt to be repaid is 54103.84 If any doubt plaese comment

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