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Elise and Joe Farmalot borrow $175,000 on March 15. Joe and Elise expect to repay $100,000 on October 15 and the remaining balance on November
Elise and Joe Farmalot borrow $175,000 on March 15. Joe and Elise expect to repay $100,000 on October 15 and the remaining balance on November 15. Calculate the total interest obligation if the interest rate is 8% and interest is charged on the daily outstanding principal balance.
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
