Number of months-loan outstanding

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Reference no: EM13258477

Franklin Co. borrowed $75,000 from a bank on August 1, 2006. Theannual interest rate on the loan was 10%. Franklin Co. reportedinterest expense related to this loan in its 2007 income statementof $1,875.

Calculate the number of months that the loan was outstanding (i.e.,the number of months Franklin Co. borrowed the money for).

Reference no: EM13258477

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