A business borrows $2,000,000. Interest on the loan is 11% compounded daily. The first $1 million loan
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A business borrows $2,000,000. Interest on the loan is 11% compounded daily. The first $1 million loan is to be paid back in 30 days, the other $1 million is to be paid back in one year plus 30 days. Calculate the two loan repayment amounts. Assume daily compounding.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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