Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help with both questions Note: You may refer to Table 7.2 The Serial Numbers for Each Day of the Year (Hummelbrunner et al., 2021,
need help with both questions
Note: You may refer to Table 7.2 "The Serial Numbers for Each Day of the Year" (Hummelbrunner et al., 2021, p. 269270 ) for this question. (a) What is the interest rate paid if the interest on loan of $4500 is $148.93 from November 14 , 2023, April 14, 2024? (3 marks) (b) A loan of $4210 is to be repaid by three equal payments due in 90 days, 185 days, and 320 days. Determine the amount of equal payments at 8.25% p.a. with a focal date of today. (4 marks) Note: for leap yests, "February 29 bectnes day number 60 and the serial nunter for tach subsequent day la the table lnterases by 1. Copyright (1) 2021 Pearson Canada Inc Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started