Craig borrowed $242,000 on October 1, 2020 and is required to pay $252,000 on March 1, 2021. How much cash did Craig receive on on October 1, 2020?

Question

asked Oct 17, 2021 107k views

1 Answer

Prabin Tp · Answer 1 · 2021-10-21T21:57:51+0000

Answer:

Craig received $242,000 on October 1, 2020

Step-by-step explanation:

This is the amount he received in cash and the additional $10000 is the interest charged on the initial amount.