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Using the ordinary interest method, find the amount of interest on a loan of $11,000 at 11 % interest, for 130 days. $4

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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Using the ordinary interest method, find the amount of interest on a loan of $11,000 at 11 % interest, for 130 days.
$4

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