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Determining the number of days in a partial month

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Question - A $4,500 loan at 8.4% compounded monthly was settled by a single payment of $5,500 including accrued interest. How long after the initial loan was the $5,500 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days.

Reference no: EM133020113

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