2.54. Bennington Company has borrowed a certain amount from the bank that it will repay in 24 monthly installments. The bank charges 6% interest annually on this loan and the monthly payment is $6000. Find the amount of loan.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
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2.54. Bennington Company has borrowed a certain amount from the bank that it will
repay in 24 monthly installments. The bank charges 6% interest annually on this loan and
the monthly payment is $6000. Find the amount of loan.
Transcribed Image Text:2.54. Bennington Company has borrowed a certain amount from the bank that it will repay in 24 monthly installments. The bank charges 6% interest annually on this loan and the monthly payment is $6000. Find the amount of loan.
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