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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 323
Solve using the equation given. Note that M = maturity value, P = principal or loan amount, i = annual interest rate, and n is the number of years.
LOAN AMOUNT Bill Abel paid a maturity value of $5989.50 on a 3-year note with annual interest of 10, (or.10). Use M = P 11 + i ) n to solve for the amount borrowed.
LOAN AMOUNT Bill Abel paid a maturity value of $5989.50 on a 3-year note with annual interest of 10, (or.10). Use M = P 11 + i ) n to solve for the amount borrowed.
Explanation
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Given, a maturity value of $5989.50 was ...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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