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The Bookkeeper for Durham's Garage Is Trying to Allocate to Principal

Question 141

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The bookkeeper for Durham's Garage is trying to allocate to principal and interest a payment that was made to settle a loan. The cheque stub has the note "$3,701.56 for principal and 7 months' interest at 12.5%." What are the principal and interest components of the payment?

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$3,450.00 ...

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