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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 33
Gilbert Construction Company needs to borrow $380,000 for
years to purchase some land to subdivide. One bank offers the firm a simple interest note with a principal of $380,000 and a rate of 12%. A second bank offers the company a discount note with proceeds of $380,000 and an 11% discount rate. (a) Which note produces the lower interest charges? _____________ (b) What is the difference in interest? _____________
years to purchase some land to subdivide. One bank offers the firm a simple interest note with a principal of $380,000 and a rate of 12%. A second bank offers the company a discount note with proceeds of $380,000 and an 11% discount rate. (a) Which note produces the lower interest charges? _____________ (b) What is the difference in interest? _____________Explanation
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Consider the simple interest note.
The ...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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