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Finance

Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $70,000 8 3 4 9 months $

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 15P

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Question

Find the amount (in $) of interest on the loan.

Principal

Rate (%)

Time

Interest

$70,000

9 months

Expert Solution

Step 1 Formula

Interest Amount = Principal * Interest rate * Number of months / 12

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