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Finance Assignment | Professional Writing

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May 20th, 2020

Jo borrowed $4,750 for 4 months from a bank. The bank discounted the loan at 8.5%. a. How much interest did Jo pay the bank for the use of its money?

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Homework For You

b. How much did he receive from the bank? c. What was the actual rate of interest he paid? a. The interest is $ ! (Round to the nearest cent as needed.) . b. The amount of money Jo received is $ (Round to the nearest cent as needed.) c. The actual interest rate is %. (Type an integer or decimal rounded to the nearest hundredth as needed.) Enter your answer in each of the answer boxes.

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