How much would you be required to pay your parents

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Question: You and two other friends made the decision to split the cost of a $ 750,000.00 restaurant franchise evenly. You requested a loan from your parents on January 15, 2020 because you were still missing half of the money you required. An interest rate of 7% was decided upon. If you want to repay the money you borrowed by the end of the following year, how much would you be required to pay your parents? Note: When computing the time, use ORDINARY TIME.

Reference no: EM133297462

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