Banco Pacfico discounted a document of 12,000,000 that expires in 75 days and buy it at 25%.
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Banco Pacífico discounted a document of ¢12,000,000 that expires in 75 days and buy it at 25%. After 12 days, he sells the same document at Banco Caribe, which applied a simple discount rate of 24%, but based on exact time. How much did Banco Pacífico earn and how much did Banco Caribe earn in the transaction?
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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