13. A discounted loan of $3,000 at a simple discount rate of 6.5% is offered to Mr. Jones. If the actual amour money that Mr. Jones receives is $2,869.11, when is the $3,000 due to paid back?
13. A discounted loan of $3,000 at a simple discount rate of 6.5% is offered to Mr. Jones. If the actual amour money that Mr. Jones receives is $2,869.11, when is the $3,000 due to paid back?
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
Problem 1PS
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Transcribed Image Text:13. A discounted loan of $3,000 at a simple discount rate of 6.5% is offered to Mr. Jones. If the actual amount of
money that Mr. Jones receives is $2,869.11, when is the $3,000 due to paid back?
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