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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 8
Solve the following word problems. Round answers to the nearest cent when necessary.
Kendall Motors, a Buick dealership, borrowed $225,000 on April 16 to purchase a shipment of new cars. The interest rate was 9.3% using the ordinary interest method. The amount of interest was $9,600.
a. For how many days was the loan?
b. What was the maturity date of the loan?
Kendall Motors, a Buick dealership, borrowed $225,000 on April 16 to purchase a shipment of new cars. The interest rate was 9.3% using the ordinary interest method. The amount of interest was $9,600.
a. For how many days was the loan?
b. What was the maturity date of the loan?
Explanation
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a. Firstly, find the number of days for ...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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