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Chrystal borrowed $1,000,000 from MQ Bank for one year at simple interest rate of 6.4% p.a. Unfortunately, she misread the documentation for the loan, and
Chrystal borrowed $1,000,000 from MQ Bank for one year at simple interest rate of 6.4% p.a. Unfortunately, she misread the documentation for the loan, and has misunderstood the interest charge. In fact, MQ Bank will charge her interest (in a single payment at the end of the loan) at a rate of 6.4% p.a., compounded half-yearly. What additional amount will Chrystal have provide to repay the loan, due to this misunderstanding?
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
7th Canadian edition
1119368456, 978-1119211587, 1119211581, 978-1119320623, 978-1119368458
