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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 117
Solve the following application problem. Use a 360-day year where applicable.
Tom Davis owes $7850 to a relative. He has agreed to repay the money in 5 months, at an interest rate of 6%. One month before the loan is due, the relative discounts the loan at the bank. The bank charges a 7.92% discount rate. How much money does the relative receive? __________________
Tom Davis owes $7850 to a relative. He has agreed to repay the money in 5 months, at an interest rate of 6%. One month before the loan is due, the relative discounts the loan at the bank. The bank charges a 7.92% discount rate. How much money does the relative receive? __________________
Explanation
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Recall the formula, Calculating Bank Dis...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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