If a firm borrowed $500,000 at a rate of 10% simple interest with monthly interest payments and
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If a firm borrowed $500,000 at a rate of 10% simple interest with monthly interest payments and a 365-day year, what would be the required interest payment for a 30-day month? ($4,109.59) If interest must be paid monthly, what would be the effective annual rate?
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Related Book For 
Intermediate Financial Management
ISBN: 9781337395083
13th Edition
Authors: Eugene F. Brigham, Phillip R. Daves
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