Suppose you take out a loan for $6,000, at 12% ordinary interest. If the amount of interest is $672, what is the time period? (Round any fraction to the next higher day.) a) 328 days b) 332 days c) 336 days d) 340 days
Suppose you take out a loan for $6,000, at 12% ordinary interest. If the amount of interest is $672, what is the time period? (Round any fraction to the next higher day.) a) 328 days b) 332 days c) 336 days d) 340 days
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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Suppose you take out a loan for $6,000, at 12% ordinary interest. If the amount of interest is $672, what is the time period? (Round any fraction to the next higher day.)
a) 328 days
b) 332 days
c) 336 days
d) 340 days
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