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How do you calculate the dollar cost of a loan When the loan is 14500 for 20 days with an annual rate of 12?
Wiki User
∙ 14y ago
Dollar cost of loan = Amount borrowed x interest rate x (days loan is outstanding ? days in the year (360))
14.500 * 12%*(20 / 360)
= 96.67
Wiki User
∙ 14y ago
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