How much will you owe, in total, if you take out a $500 loan for 3...
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How much will you owe, in total, if you take out a $500 loan for 3 months from a bank, with an APR of 12%? Include the cents! Recall: Principal: how much your borrow Annual Rate: your APR Compound Daily (always) Time in years: if it were a 6 month loan, t would be 6/12-.5. If it were a 9 month loan, t-9/12-.75. How much will you owe, in total, if you take out a $500 loan for 3 months from a bank, with an APR of 12%? Include the cents! Recall: Principal: how much your borrow Annual Rate: your APR Compound Daily (always) Time in years: if it were a 6 month loan, t would be 6/12-.5. If it were a 9 month loan, t-9/12-.75.
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To calculate the total amount you will owe on a 500 loan for 3 months with an APR of 12 we ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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