Jax came to your bank to borrow $ 2 1 , 0 0 0 to start a new business Your bank offers him a 5 4 month loan with an annual simple interest rate of 5 8 5 a ) Which formula is appropriate for this scenario b ) Determine the total amount that Jax will have to pay back at the end of 5 4 months Round to...

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Jax came to your bank to borrow $ 2 1 , 0 0 0 to start a

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Question:

Jax came to your bank to borrow $

21, 000

to start a new business. Your bank offers him a

54 -

month loan with an annual simple interest rate of

5.85 % .

)

Which formula is appropriate for this scenario?

)

Determine the total amount that Jax will have to pay back at the end of

54 -

months. Round to the nearest cent.

Posted Date: May 19, 2024 01:15 AM

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