Business, 09.10.2021 03:00 zazy15

6. Karim Darmati must pay a $6,750 furniture bill. A finance company will loan Karim $6,750 for 8 months at a 10.20% discount rate. The finance company told Karim that if
he wants to receive exactly $6,750, he must borrow more than $6,750.
M = Proceeds
1 - (D)(T)
a.
Calculate Karim's loan request. (Do not round intermediate
calculations. Round your final answer to the nearest cent.)
Loan request
$
b
Calculate the effective rate of interest. (Do not round intermediate
calculations. Round your final answer to the nearest hundredth
percent.)
Effective rate of
interest
%

Answers: 1

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6. Karim Darmati must pay a $6,750 furniture bill. A finance company will loan Karim $6,750 for 8...

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