A bank gives Mr. Aldama the amount $1,255,000.00 for a loan for one year, three months and fifteen days, with a rate of 27%. What is the initial capital of the loan? Formulas Simple interest I=Cxrxt Amount M=C (1 + r × t)
A bank gives Mr. Aldama the amount $1,255,000.00 for a loan for one year, three months and fifteen days, with a rate of 27%. What is the initial capital of the loan? Formulas Simple interest I=Cxrxt Amount M=C (1 + r × t)
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
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▸ A bank gives Mr. Aldama the amount $1,255,000.00 for a loan for one year, three
months and fifteen days, with a rate of 27%. What is the initial capital of the loan?
Formulas
Simple interest |= Cxrxt
Amount M = C (1+rxt)
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