7. What lump-sum amount of interest will be paid on a 10,000 loan that was made on August 1, 2012, and repaid on November 1, 2021, with ordinary simple interest at 10% per year.
7. What lump-sum amount of interest will be paid on a 10,000 loan that was made on August 1, 2012, and repaid on November 1, 2021, with ordinary simple interest at 10% per year.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 12E
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Transcribed Image Text:7. What lump-sum amount of interest will be paid on a 10,000 loan that was made
on August 1, 2012, and repaid on November 1, 2021, with ordinary simple
interest at 10% per year.
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