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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 121
Solve the following word problems. Round to the nearest cent when necessary.
On May 23, Samantha Best borrowed $4,000 from the Tri City Credit Union at 13% for 160 days. The credit union uses the exact interest method.
a. What was the amount of interest on the loan?
b. What was the maturity value of the loan?
c. What is the maturity date of the loan?
On May 23, Samantha Best borrowed $4,000 from the Tri City Credit Union at 13% for 160 days. The credit union uses the exact interest method.
a. What was the amount of interest on the loan?
b. What was the maturity value of the loan?
c. What is the maturity date of the loan?
Explanation
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a. Samantha Best borrowed $4,000 on May ...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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