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Question
The Stoney River Textiles Company will borrow $50 million for 180 days from Merrimac Bank. The bank will charge Stoney River 4.5 % on a discounted basis. What is the dollar amount of interest Stoney River will need to pay? Assume a 360 day year.A) $1,125,000
B) $1,099,688
C) $2,250,000
D) 41,074,375
Answer
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Related questions
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