7500 was borrowed for a four-year term at 9% compounded quarterly. The te discounting the loan's maturity value at 7% compounded quarterly. How 1 as the loan prepaid if the payout amount was $9380.24 including accrued in days in a partial calendar quarter, assume that a full quarter has 91 days.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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$7500 was borrowed for a four-year term at 9% compounded quarterly. The terms of the loan allow prepayment of the loan based
on discounting the loan's maturity value at 7% compounded quarterly. How long (to the nearest day) before the maturity date
was the loan prepaid if the payout amount was $9380.24 including accrued interest? For the purpose of determining the number
of days in a partial calendar quarter, assume that a full quarter has 91 days.
Transcribed Image Text:$7500 was borrowed for a four-year term at 9% compounded quarterly. The terms of the loan allow prepayment of the loan based on discounting the loan's maturity value at 7% compounded quarterly. How long (to the nearest day) before the maturity date was the loan prepaid if the payout amount was $9380.24 including accrued interest? For the purpose of determining the number of days in a partial calendar quarter, assume that a full quarter has 91 days.
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