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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 107
Solve the application problems. Round dollar amounts to the nearest cent.
ROAD PAVING Gilbert Construction Company needs $280,000 to build a short, paved road and install all utilities in a subdivision. The company decides to borrow the funds at 10% for 180 days. In 1980, the same note would have been at a rate of 22%. Find the difference in the interest charges based on the two rates. _____________
ROAD PAVING Gilbert Construction Company needs $280,000 to build a short, paved road and install all utilities in a subdivision. The company decides to borrow the funds at 10% for 180 days. In 1980, the same note would have been at a rate of 22%. Find the difference in the interest charges based on the two rates. _____________
Explanation
Verified
Verified
The interest is given by the formula 
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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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