Question
A company currently owes $25,000 to a bank for a loan it took 4 years and 6 months ago. The interest rate charged on the
A company currently owes $25,000 to a bank for a loan it took 4 years and 6 months ago. The interest rate charged on the loan was 4.5% compounded monthly.
a. What was the original principal of the loan? Round to the nearest cent
b. What was the amount of interest charged on the loan?
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Intermediate Financial Management
Authors: Brigham, Daves
10th Edition
978-1439051764, 1111783659, 9780324594690, 1439051763, 9781111783655, 324594690, 978-1111021573
