A $4000 debt due in four years was paid with $3885.35 cash. If money is worth 7%

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A $4000 debt due in four years was paid with $3885.35 cash. If money is worth 7% compounded monthly, how many months before the due date was the debt paid?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 03:53 AM

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A $4000 debt due in four years was paid with $3885.35 cash. If money is worth 7%

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Let the focal date be 4 years from now I Y 7 C Y 12 ...View the full answer

Contemporary Business Mathematics with Canadian Applications

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