Question
Jo borrowed $3,800 for 8 months from a bank. The bank discounted the loan at 8.5%. a. How much interest did Jo pay the bank
Jo borrowed $3,800 for 8 months from a bank. The bank discounted the loan at 8.5%.
a. How much interest did Jo pay the bank for the use of its money?
b. How much did he receive from the bank?
c. What was the actual rate of interest he paid?
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Financial Management for Public Health and Not for Profit Organizations
Authors: Steven A. Finkler, Thad Calabrese
4th edition
133060411, 132805669, 9780133060416, 978-0132805667
