(a) If you were lent 20,000 for 86 days at 5%, how much interest would you pay?...
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(a) If you were lent £20,000 for 86 days at 5%, how much interest would you pay?
(b) If a debt factor offered to discount a £5,000 bill of exchange at 10%, and if the bill had an outstanding period of 180 days, how much would the debt factor pay for the bill?
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a To calculate the interest on a loan of 20000 for 86 days at an interest rate of 5 you can use the ...View the full answer
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Related Book For
Frank Woods Business Accounting Volume 2
ISBN: 9781292085050
13th Edition
Authors: Frank Wood, Alan Sangster
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