Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary.PrincipalRate(%)Time(days)InterestMethodInterestMaturity Value(in $)$3,100 %164Exact$220$

Principal = $3,100 Time = 164 days Interest = $220

Answered: Calculate the missing information for…

Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

Question

Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary.

Principal	Rate (%)	Time (days)	Interest Method	Interest	Maturity Value (in $)
$3,100	%	164	Exact	$220	$

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