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Category > Business & Finance Posted 06 Jun 2017 My Price 11.00

You need to borrow funds for 2 weeks but can only get a discount loan with a stated rate of interest of 7.5%

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]                        

Solve for X and show your work

 

(You should get the same answer as the dollar amount in the section of Amount you should borrow above)

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Status NEW Posted 06 Jun 2017 12:06 PM My Price 11.00

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