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(a) If you were lent 9,000 for 99 days at 6%, how much interest would you pay? (b) If a...

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(a) If you were lent £9,000 for 99 days at 6%, how much interest would you pay?
(b) If a debt factor offered to discount an £14,000 bill of exchange at 8%, and if the bill had an outstanding period of 30 days, how much would the debt factor pay for the bill?

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a To calculate the interest paid on a loan you can use the formula for simple interest Interest Prin…View the full answer


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Frank Woods Business Accounting Volume 2

Frank Woods Business Accounting Volume 2

ISBN: 9781292085050

13th Edition

Authors: Frank Wood, Alan Sangster

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Question Details
Chapter # 27- Interest, annuities and leasing
Section: Review Questions
Problem: 3
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Question Posted: September 10, 2023 00:27:54
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