Harold Hill borrowed $16,200 to pay for his child's education at Riverside Community College. Harold must repay the loan at the end of 12 months in one payment with 53% interest. a. How much interest must Harold pay? Note: Do not round intermediate calculation. Round your answer to the nearest cent. Interest to pay b. What is the maturity value? Note: Do not round intermediate calculation. Round your answer to the nearest cent.

Harold Hill borrowed $16,200 to pay for his child's education at Riverside Community College. Harold must repay the loan at the end of 12 months in one payment with 53% interest. a. How much interest must Harold pay? Note: Do not round intermediate calculation. Round your answer to the nearest cent. Interest to pay b. What is the maturity value? Note: Do not round intermediate calculation. Round your answer to the nearest cent.

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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