A person must cancel $ 14,000 at 3 months, with 8% interest. If the payment has as a penal clause that, in case of default, 10% is charged for the time that exceeds the deadline, what amount does the debtor pay, 70 days after expiration?
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The interest for 3 months can be calculated using the formula: Interest = Principal * Rate * Time. In this case, the principal is $14,000 and the rate is 8% (or 0.08). The time is 3 months (or 3/12 years). So, the interest for 3 months is: Interest = $14,000 * Show more…
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