Compute the amount that can be borrowed under each of the following circumstances: 1. A promise to
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1. A promise to repay $90,000 seven years from now at an interest rate of 6%.
2. An agreement made on February 1, 2013, to make three separate payments of $20,000 on February 1 of 2014, 2015, and 2016. The annual interest rate is 10%.
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1 Calculate the present value of an amount that can be borrowed Present value P can be calculat...View the full answer
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