Answered: M and N are partners in a firm and…

M and N are partners in a firm and agrees that an interest @ 12% per annum should be charged on drawings M draws $ 20,000 per month. Compute the amount of interest to be charged from M.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 9P

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M and N are partners in a firm and agrees that an interest @ 12% per annum should be charged on drawings M draws $ 20,000 per month. Compute the amount of interest to be charged from M.

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