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Anna [14]
3 years ago
11

Another bank is also offering favorable terms, so Rahul decides to take a loan of $14,000 from this bank. He signs the loan cont

ract at 9% compounded daily for four months. Based on a 365-day year, what is the total amount that Rahul owes the bank at the end of the loan’s term? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.)
Business
1 answer:
nikklg [1K]3 years ago
3 0

Answer: $14,426.43

Explanation:

At the end of 4 months and assuming a  12 months and 365 days in a year, the formula to be used to calculate how much Rahul owes is;

We use the formula:

Amount owed = Present Value ( 1 + rate/365 ) ^ 365 * time period

Amount owed = 14,000 * ( 1 + 0.09/365 ) ^ (365 *4/12 )

Amount owed  = $14,426.43

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