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A construction company needs to borrow $290,000 for a new job. They decide to borrow the funds at 14% for 180 days. In 1980, the same note would have been at a rate of 25%. Find the difference in the interest charges based on the two rates. Assume 360 days in a year. The difference is $ (Round to the nearest dollar.)

A construction company needs to borrow $290,000 for a new job. They decide to borrow the funds at 14% for 180 days. In 1980, the same note would have been at a rate of 25%. Find the difference in the interest charges based on the two rates. Assume 360 days in a year. The difference is $ (Round to the nearest dollar.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A construction company needs to borrow $290,000 for a new job. They decide to borrow the funds at 14% for 180 days. In 1980, the same note would have been at a rate of 25%. Find the difference in the interest charges based on the two rates. Assume 360 days in a year. The difference is $ (Round to the nearest dollar.)
Transcribed Image Text:A construction company needs to borrow $290,000 for a new job. They decide to borrow the funds at 14% for 180 days. In 1980, the same note would have been at a rate of 25%. Find the difference in the interest charges based on the two rates. Assume 360 days in a year. The difference is $ (Round to the nearest dollar.)
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