Solution-Initial balance of the credit?

Initial balance of the credit?

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Reference no: EM133117182

1. A man has a medical situation and needs money, so he approaches a lender and asks him $15,000, paid in 5 years. The lender says that the fixed annual interest rate will be 7%. How much does this credit cost the man??

A= the amount of money to pay for the credit after the period of time?

P= the initial balance of the credit?

R= the fixed interest rate (mainly fixed in years)?

t= time (mainly in years)?

Interest rates are usually handled by banks in years. However, with private lenders, time units like days, weeks, or months can be used.

2. Write an essay on Management's Analysis and Use of Financial Statements at work. maximum of 500 words required.

Reference no: EM133117182

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Initial balance of the credit?

Reference no: EM133117182

Reference no: EM133117182

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