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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 3
Solve the following word problems. Round to the nearest cent when necessary.
Laurie Carron borrowed $16,000 at 14% ordinary interest for 88 days. On day 30 of the loan, she made a partial payment of $7,000. What was the new maturity value of the loan?
Laurie Carron borrowed $16,000 at 14% ordinary interest for 88 days. On day 30 of the loan, she made a partial payment of $7,000. What was the new maturity value of the loan?
Explanation
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Step 1 : Compute the interest from the d...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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