You decide to take out a loan for $6,000, at 7% yearly interest on the date October

Question:

You decide to take out a loan for $6,000, at 7% yearly interest on the date October 14. If you repay the loan on December 31st (at the end of the current year)

a) Exact time (days) of loan: __________

b) Using ordinary interest, calculate the interest and total owed.

c) Using exact interest, calculate the interest and total owed.

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Microeconomics

ISBN: 978-1259163531

1st edition

Authors: Dean Karlan, Jonathan Morduch

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Question Posted: Dec 04, 2017 09:24 AM

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You decide to take out a loan for $6,000, at 7% yearly interest on the date October

Question:

Step by Step Answer:

a Total number of days of loan 3114 30 31 78 days b Ordinary inte...View the full answer

Microeconomics

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