Find the cost of the short-term financing for pace
Problem
Pace Company has borrowed $60,000 from PNC Bank. To repay the loan, it will make two payments, each one $31,000, at the end of 30 days and 60 days. Find the cost of this short-term financing for Pace.
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To repay the loan, it will make two payments, each one $31,000, at the end of 30 days and 60 days. Find the cost of this short-term financing for Pace.
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