SOLVE STEP BY STEP IN DIGITAL FORMAT▸ A bank gives Mr. Aldama the amount $1,255,000.00 for a loan for one year, threemonths and fifteen days, with a rate of 27%. What is the initial capital of the loan?FormulasSimple interest |= CxrxtAmount M = C (1+rxt)

Amount = m = $1,255,000Time = t = 1 year, 3 months and 15 days = 1 + (3 / 12) + (15 / 365) = 1 +…

Answered: A bank gives Mr. Aldama the amount…

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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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)