October 7, 2015

Homework Help: Finance

Posted by Ben on Thursday, February 18, 2010 at 10:30pm.

John borrowed $1,000 discounted at 10% for six months. How much did he receive when the loan was made?

I get $952.38 by using the formula below:

1000=P(1+.10/2)^(.5*2) - am I doing this right?

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