Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you are the accounting manager for kool rags, the

You are the accounting manager for kool rags, the company needs to borrow 1,900,000 for...

70.2K

Verified Solution

Question

Finance

You are the accounting manager for kool rags, the company needs to borrow 1,900,000 for 90 days in order to purchase a large quantity of material at closeout prices. The interest rate for such loans at your bank is 15% using ordinary interest. What is the amount in dollars of the interest on this loan? after making a few shopping calls, the bank will lend at 15% using exact interest what is the amount of interest on this offer? So that it can keep your business the bank has offered a loan at 14.5% using ordinary interest what is the amount of interest on this offer? If one bank wants to compete with the other banks, last offer by charging 1875 less interest what rate as a percent must it quote using exact interest

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students