You are the accounting manager for kool rags, the company needs to borrow 1,900,000 for...
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You are the accounting manager for kool rags, the company needs to borrow 1,900,000 for 90 days in order to purchase a large quantity of material at closeout prices. The interest rate for such loans at your bank is 15% using ordinary interest. What is the amount in dollars of the interest on this loan? after making a few shopping calls, the bank will lend at 15% using exact interest what is the amount of interest on this offer? So that it can keep your business the bank has offered a loan at 14.5% using ordinary interest what is the amount of interest on this offer? If one bank wants to compete with the other banks, last offer by charging 1875 less interest what rate as a percent must it quote using exact interest
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