Cathy borrowed $12,968.00 to buy a car. If interest was charged on the loan at 10.99% p.a., how much interest would Cathy have to pay in 20 days? The interest charged would be S. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Cathy borrowed $12,968.00 to buy a car. If interest was charged on the loan at 10.99% p.a., how much interest would Cathy have to pay in 20 days? The interest charged would be S. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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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Question

Cathy borrowed $12,968.00 to buy a car. If interest was charged on the loan at 10.99% p.a., how much interest would Cathy have to pay in 20 days?
The interest charged would be S
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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