The Mexican restaurant where Tristan works borrowed $78,000 for 90 days to purchase new kitchen equipment. The rate was 11.4% using ordinary interest (360-day year). On day 34 of the loan, the restaurant made a partial payment of $5,000. What is the adjusted balance after this partial payment? Round to the nearest cent.

The Mexican restaurant where Tristan works borrowed $78,000 for 90 days to purchase new kitchen equipment. The rate was 11.4% using ordinary interest (360-day year). On day 34 of the loan, the restaurant made a partial payment of $5,000. What is the adjusted balance after this partial payment? Round to the nearest cent.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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