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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 84
Solve the following word problems. Round answers to the nearest cent when necessary.
Steve Perry borrowed $10,000 at 12% ordinary interest for 60 days. On day 20 of the loan, Steve made a partial payment of $4,000. What is the new maturity value of the loan?
Steve Perry borrowed $10,000 at 12% ordinary interest for 60 days. On day 20 of the loan, Steve made a partial payment of $4,000. What is the new maturity value of the loan?
Explanation
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Step 1 : Calculate the interest from the...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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