QUESTION 7Hewlett Plastics Inc received a loan of $48,500 at 3.50% compounded quarterly to purchase machinery for its factory.Calculate the number of compounding penods and time period of the loan if the total interest paid was $16,720.24compounding periodsN=Time=years andExpress the answer in years and days, rounded up to the next day.days

A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Answered: Hewlett Plastics Inc. received a loan…

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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Hewlett Plastics Inc. received a loan of $51,000.00 at 3.50% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total amount of interest paid was $17,582.10.
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