Jane requested a loan from the bank amounting to 312,870 to continue her small business. But she only recieved 84.68% of the loan as the bank collected the interest at the time money is requested. If the agreement will mature after 8 years and 9 months, Determine the simple interest rate, simple discount rate and totl interest accumulated at the end of 4 years
Jane requested a loan from the bank amounting to 312,870 to continue her small business. But she only recieved 84.68% of the loan as the bank collected the interest at the time money is requested. If the agreement will mature after 8 years and 9 months, Determine the simple interest rate, simple discount rate and totl interest accumulated at the end of 4 years
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 19DQ
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Jane requested a loan from the bank amounting to 312,870 to continue her small business. But she only recieved 84.68% of the loan as the bank collected the interest at the time money is requested. If the agreement will mature after 8 years and 9 months, Determine the simple interest rate, simple discount rate and totl interest accumulated at the end of 4 years
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT