Tom needs to purchase a new car urgently. Unfortunately he has no funds at the moment, but his grandmother has promised to give him $75,000 on his birthday in six months. How much can Frank theoretically borrow today if the current simple interest rate is 10.50%.p.a?

Answer rating: 100% (QA)

Assuming that Tom can use the promised 75000 from his grandmother as collate... View the full answer