What Is the Outstanding Balance After the 23^rd Payment Interval

question 4

Multiple Choice

What is the outstanding balance after the 23^rd payment interval of a 16-year loan for $14 734 with semi-annual payments and an interest rate of 5.95% compounded quarterly?

• A)$5625.21
• B)$5652.21
• C)$5562.21
• D)$5526.21
• E)$5566.21

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Definitions:

Unadjusted

Refers to figures or entries that have not been modified to reflect adjustments, corrections, or changes.

Adjusted

Adjusted generally refers to alterations made to financial statements or data to correct for discrepancies or to account for extraordinary events.

Final Trial Balances

Final trial balances are the summary listings of all the ledger accounts right after the closing entries are made at the end of an accounting period, essentially reflecting the balance of every account before the start of a new accounting period.

Adjustments

Modifications made in accounting records to reflect more accurate values or to record transactions not yet entered.