Solve the Problem

question 47

Multiple Choice

Solve the problem. Round dollar amounts to the nearest cent. Use 360 days.
-HarbourTown Marina purchased four boat lifts for raising and lowering large boats into the water. The boat lifts cost $61,300 each. They borrowed the money from the bank for 240 days at 10%. Find the maturity value.

• A) $65,386.67
• B) $261,546.67
• C) $67,430.00
• D) $269,720.00

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Definitions:

Cost Of Merchandise Sold

This is the total cost incurred to produce or acquire the goods sold by a company during a specific period.

Debit Balance

An account balance that occurs when the total amount of debits exceeds the total amount of credits in an account.

Accounts Payable

A liability account on the balance sheet, representing the company's obligation to pay off a short-term debt to its creditors or suppliers.

Sales Tax Payable

The amount of sales tax collected from customers that a business owes to the government.