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What are the interest cost and the total amount due on a six-month loan of $1,500 at 13.2 percent simple annual interest?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 21P

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What are the interest cost and the total amount due on a six-month loan of $1,500 at 13.2 percent simple annual interest?

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