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$7500 was borrowed for a four-year term at 9% compounded quarterly. The terms of the loan allow ...

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$7500 was borrowed for a four-year term at 9% compounded quarterly. The terms of the loan allow ...

$7500 was borrowed for a four-year term at 9% compounded quarterly. The terms of the loan allow prepayment of the loan based on discounting the loan's maturity value at 7% compounded quarterly. How long (to the nearest day) before the maturity date was the loan prepaid if the payout amount was $9380.24? For the purpose of determining the number of days in a partial calendar quarter, assume that a full quarter has 91 days.

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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