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1. Paul is a contractor. He buys supplies on his personal line of credit. The interest rate is 6.25%/yr, compounded daily. Bill paid Paul late for some work. Bill's balance was $3775.00. Paul took 45 d to pay his line of credit. Paul charges his clients for any interest. How much interest will Paul charge Bill? ●

1. Paul is a contractor. He buys supplies on his personal line of credit. The interest rate is 6.25%/yr, compounded daily. Bill paid Paul late for some work. Bill's balance was $3775.00. Paul took 45 d to pay his line of credit. Paul charges his clients for any interest. How much interest will Paul charge Bill? ●

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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1. Paul is a contractor. He buys supplies on his personal line of credit. The interest rate is 6.25%/yr, compounded daily. Bill paid Paul late for some work. Bill's balance was $3775.00. Paul took 45 d to pay his line of credit. ● Paul charges his clients for any interest. How much interest will Paul charge Bill? •
Transcribed Image Text:1. Paul is a contractor. He buys supplies on his personal line of credit. The interest rate is 6.25%/yr, compounded daily. Bill paid Paul late for some work. Bill's balance was $3775.00. Paul took 45 d to pay his line of credit. ● Paul charges his clients for any interest. How much interest will Paul charge Bill? •
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