Question
A business borrows $2,000,000. Interest on the loan is 11% compounded daily. The first $1 million loan is to be paid back in 30 days,
A business borrows $2,000,000. Interest on the loan is 11% compounded daily. The first $1 million loan is to be paid back in 30 days, the other $1 million is to be paid back in one year plus 30 days. Calculate the two loan repayment amounts. Assume daily compounding.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
