A Loan of $4500

question 55

Essay

A loan of $4500.00 was repaid together with interest of $1164.00. If interest was 12 .4% compounded quarterly, for how many months was the loan taken out?

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Definitions:

Capital Market

A financial market in which long-term debt or equity-backed securities are bought and sold, assisting in raising capital.

Financial Resources

Monetary assets available to a company or individual for use in the production of further assets or to cover expenses.

Firms

Businesses or companies engaged in commercial, industrial, or professional activities, aiming to generate profits.

Tangible Capital

Physical assets owned by a person or company that are used in the production or supply of goods and services.