Jax came to your bank to borrow $8,500 to start a new business. Your bank offers him
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Question:
Jax came to your bank to borrow $8,500 to start a new business. Your bank offers him a 30-month loan with an annual simple interest rate of 4.35%.
Calculate the simple interest for this loan. Write out
1) the correct formula with variables (e.g. P0, PN, N, r, etc.), and
2) the correct formula with the numerical values (round your answer to the nearest cent, 3) write the answer in a complete sentence.
Determine the total amount that Jax will have to pay back at the end of 30-months. Write out
1) all the steps, and
2) write the answer in a complete sentence.
Related Book For
Essentials of Managerial Finance
ISBN: 978-0324422702
14th edition
Authors: Scott Besley, Eugene F. Brigham
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