A borrower has two alternatives for a loan: (1) issue a $360,000, 60-day, 5% note or (2) issue a $360,000, 60-day note that the creditor discounts at 5%. Assume a 360-day year.
a. Calculate the amount of the interest expense for each option.
$ for each alternative.
b. Determine the proceeds received by the borrower in each situation.
(1) $360,000, 60-day, 5% simple-interest$ (2) $360,000, 60-day note discounted at 5%
Answers: 3
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A borrower has two alternatives for a loan: (1) issue a $360,000, 60-day, 5% note or (2) issue a $36...
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