Peabody Books Inc

question 55

Multiple Choice

Peabody Books Inc.wishes to borrow $182,000 today for the purchase of publishing materials.They have an agreement with their commercial banker that they can borrow money at an annual rate of 4.75%.How much will the firm owe if they repay the loan in exactly one year?

• A)$8,645
• B)$173,747.02
• C)$182,000
• D)$190,645

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