On April 5, 2022, Janeen Camoct took out an 8% loan for $20,000. The loan is due March 9, 2023. Janeen's terms are ordinary interest. Sabrina Bowers took out the same loan as Janeen. Sabrina's terms, however, are exact interest. (Ignore leap year.) (Use Days in a year table.) a. What is Sabrina's difference in interest? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Difference b. What will Sabrina pay on March 9, 2023? Note: Round your answer to the nearest cent. Amount
On April 5, 2022, Janeen Camoct took out an 8% loan for $20,000. The loan is due March 9, 2023. Janeen's terms are ordinary interest. Sabrina Bowers took out the same loan as Janeen. Sabrina's terms, however, are exact interest. (Ignore leap year.) (Use Days in a year table.) a. What is Sabrina's difference in interest? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Difference b. What will Sabrina pay on March 9, 2023? Note: Round your answer to the nearest cent. Amount
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
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On April 5, 2022, Janeen Camoct took out an 81% loan for $20,000. The loan is due
March 9, 2023. Janeen's terms are ordinary interest. Sabrina Bowers took out the same
loan as Janeen. Sabrina's terms, however, are exact interest. (Ignore leap year.) (Use Days
in a year table.)
a. What is Sabrina's difference in interest?
Note: Do not round intermediate calculations. Round your answer to the nearest
cent.
Difference
b. What will Sabrina pay on March 9, 2023?
Note: Round your answer to the nearest cent.
Amount
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