Question
A print shop borrows $8400 from a credit union for 214 days. The credit union charges simple interest at an annual rate of 5.75%
A print shop borrows $8400 from a credit union for 214 days. The credit union charges simple interest at an annual rate of 5.75% for this loan. Assume each 1 day is 365 of a year. Answer each part below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 214 days. $ (b) Assuming the print shop doesn't make any payments, find the amount owed after 214 days. $
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Financial Institutions Management A Risk Management Approach
Authors: Marcia Cornett, Patricia McGraw, Anthony Saunders
8th edition
978-0078034800, 78034809, 978-0071051590
