On April 5, 2022, Janeen Camoct took out an 8% loan for $20,000. The loan is due March 9, 2023. Janeen's terms are ordinary interest. Sabrina Bowers took out the same loan as Janeen. Sabrina's terms, however, are exact interest. (Ignore leap year.) (Use Days in a year table.) a. What is Sabrina's difference in interest? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Difference b. What will Sabrina pay on March 9, 2023? Note: Round your answer to the nearest cent. Amount
On April 5, 2022, Janeen Camoct took out an 8% loan for $20,000. The loan is due March 9, 2023. Janeen's terms are ordinary interest. Sabrina Bowers took out the same loan as Janeen. Sabrina's terms, however, are exact interest. (Ignore leap year.) (Use Days in a year table.) a. What is Sabrina's difference in interest? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Difference b. What will Sabrina pay on March 9, 2023? Note: Round your answer to the nearest cent. Amount
Chapter6: Business Expenses
Section: Chapter Questions
Problem 75IIP
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On April 5, 2022, Janeen Camoct took out an 81% loan for $20,000. The loan is due
March 9, 2023. Janeen's terms are ordinary interest. Sabrina Bowers took out the same
loan as Janeen. Sabrina's terms, however, are exact interest. (Ignore leap year.) (Use Days
in a year table.)
a. What is Sabrina's difference in interest?
Note: Do not round intermediate calculations. Round your answer to the nearest
cent.
Difference
b. What will Sabrina pay on March 9, 2023?
Note: Round your answer to the nearest cent.
Amount
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