Question
Sheridan Company has a $60000 note that carries an annual interest rate of 15%. If the amount of the total interest on the note is
Sheridan Company has a $60000 note that carries an annual interest rate of 15%. If the amount of the total interest on the note is equal to $6750, then what is the duration of the note in months?
12 months
6 months
9 months
4 months
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Corporate Financial Management
Authors: Julian Ralph Franks, Harry H. Scholefield
2nd Edition
0566020548, 978-0566020544
