A business is taking a $5 million loan for 90 days and another $5 million loan for three years plus three days. Both loans is interest rates is 13.0%, compounded daily. Both loans are paid off with accumulated interest at the loan expiration time. Calculate the loans payments.

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
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Chapter12: Current Liabilities
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A business is taking a $5 million loan for 90 days and another $5 million loan for three years
plus three days. Both loans is interest rates is 13.0%, compounded daily. Both loans are paid
off with accumulated interest at the loan expiration time. Calculate the loans payments.

 

 

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