Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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A man borrowed $3700 from a bank for 6 months A friend was cosigner of the man's personal note. The bank collected 3 simple interest on the
date of maturity
a) How much did the man pay for the use of the money?
b) Determine the amount he repaid to the bank on the due date of the note
a) The man paid S
for the use of the money
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Transcribed Image Text:A man borrowed $3700 from a bank for 6 months A friend was cosigner of the man's personal note. The bank collected 3 simple interest on the date of maturity a) How much did the man pay for the use of the money? b) Determine the amount he repaid to the bank on the due date of the note a) The man paid S for the use of the money
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