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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 88
Solve each application problem. Assume a sales commission of $10 per bond, unless indicated otherwise, and use the table in this section. Round the rate to the nearest tenth of a percent.
BOND PURCHASE New York City purchased 10,000 General Electric Capital (GE) bonds maturing in 2019. (a) Find the total cost of the purchase, including commissions (assume commissions of $1 per bond based on the large purchase). Then find (b) the annual interest payment and (c) the effective interest rate to total cost, including commissions.
BOND PURCHASE New York City purchased 10,000 General Electric Capital (GE) bonds maturing in 2019. (a) Find the total cost of the purchase, including commissions (assume commissions of $1 per bond based on the large purchase). Then find (b) the annual interest payment and (c) the effective interest rate to total cost, including commissions.
Explanation
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a) Look across the top of the Bond Table...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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