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MBA,MCS,M.phil
Devry University
Jan-2008 - Jan-2011
MBA,MCS,M.Phil
Devry University
Feb-2000 - Jan-2004
Regional Manager
Abercrombie & Fitch.
Mar-2005 - Nov-2010
Regional Manager
Abercrombie & Fitch.
Jan-2005 - Jan-2008
You need to borrow funds for 2 weeks but can only get a discount loan with a stated rate of interest of 7.5%.
Answer below:
Amount you need in cash: |
Annual Interest Rate: |
Length of Loan (weeks): |
Loan Periods in a Year: |
Amount you should borrow: |
1. If you need to have $100,000 in cash, how much should you borrow?
2. X - [(.075/52) x 2]X = 100,000
X = 100,000/1- [(.075/52)x2]Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
Solve for X and show your work
Â
(You should get the same answer as the dollar amount in the section of Amount you should borrow above)
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