A person needs $2325 today from a lending company that makes loans based on a bank discount

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A person needs $2325 today from a lending company that makes loans based on a bank discount rate of 17.5%. What size loan should the person ask for so that he/she walks out with $2325 and the loan is to be repaid in 9 months?

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Smith and Roberson Business Law

ISBN: 978-0538473637

15th Edition

Authors: Richard A. Mann, Barry S. Roberts

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Posted Date: Jul 20, 2023 08:02 AM

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A person needs $2325 today from a lending company that makes loans based on a bank discount

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The formula to calculate the size of the loan is Loan AmountDe... View the full answer

Smith and Roberson Business Law

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