Answered: Michelle borrows $7, 200 from her…

Michelle borrows $7, 200 from her father to buy a used car. She repays him after 9 months, at an annual simple interest rate of 6.2%. Find the total amount she repays.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...

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Michelle borrows $7, 200 from her father to buy a used car. She repays him after
9 months, at an annual simple interest rate of 6.2%. Find the total amount she repays.

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