Jack borrowed $4239 at 7.8% to buy a used car. He paid the maturity value of $5460. Find the time ofthe loan in days.O 1546 daysO 1458 daysO 1329 daysO 1311 days

Compound Interest: A= P(1+R/100)n Where, A= Amount on maturity P= Principal Amount R= Rate of…

Answered: Jack borrowed $4239 at 7.8% to buy a…

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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Jack borrowed $4239 at 7.8% to buy a used car. He paid the maturity value of $5460. Find the time c the loan in days. O 1546 days O 1458 days O 1329 days O 1311 days 4