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What is the amount of loan negotiated between the parties

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Reference no: EM131556389

Question: Denver Wildcatting Company has an immediate need for a loan. In an agreement worked out with its banker, Denver assigns its royalty income of $4800/month for the next 3 yr from certain oil properties to the bank, with the first payment due at the end of the first month. If the bank charges interest at the rate of 9%/year compounded monthly, what is the amount of the loan negotiated between the parties?

Reference no: EM131556389

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