Find the Amount of Interest and the Monthly Payment for the Loan

question 190

Short Answer

Find the amount of interest and the monthly payment for the loan described below. Round your answer to the nearest dollar.
Purchased a dining room set for $1,800 at 11% add-on interest for 3 years.
$ __________ interest; $ __________ per month

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Definitions:

Month-End Adjusting Entry

Journal entries made at the end of the reporting period to update the accounts for accurate financial reporting.

Prepaid Expenses

Expenses paid in advance for goods or services to be received in the future, recognized as assets on the balance sheet until they are expensed.

Management Services

Provided by a specialized team or firm, these services include a wide range of administrative and support functions to improve efficiency and effectiveness within an organization.

Adjusting Entry

An accounting journal entry made at the end of an accounting period to record any unrecognized income or expenses for that period.