Question
Swifty Inc. borrowed $60000 on November 1, 2017, by signing a $61350, three-month, zero-interest-bearing note. Calculate the effective interest charged on the note per month.
Swifty Inc. borrowed $60000 on November 1, 2017, by signing a $61350, three-month, zero-interest-bearing note.
Calculate the effective interest charged on the note per month.
I know the answer is 0.744% per month. Please show me how to get the answer on this.
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Financial Accounting Theory
Authors: William R. Scott
3rd Edition
0130655775, 9780130655776
