Business, 19.02.2020 03:25 blazecarley

Another bank is also offering favorable terms, so Raphael decides to take a loan of $15,000 from this bank. He signs the loan contract at 13.00% compounded daily for three months. Based on a 365-day year, what is the total amount that Raphael owes the bank at the end of the loan’s term? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.)

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