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Calculate the amount that can be borrowed

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Reference no: EM132071250

Question - Calculate the amount that can be borrowed under each of the following circumstances:

a. A promise to pay $90,000 in seven years at an interest rate of 6%.

b. An agreement made on February 1, 2005, to make three payments of $20,000 on and annuity February 1 of 2006, 2007, and 2008. The annual interest rate is 10%.

Reference no: EM132071250

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