Homework answers / question archive / Edgar has a trust fund that should pay him $20,000 at the end of next year

Edgar has a trust fund that should pay him $20,000 at the end of next year

Finance

Share With

Edgar has a trust fund that should pay him $20,000 at the end of next year. If a bank loans money at an interest rate of 7.5% (APR), how much money can he borrow from the bank now based on the money he should receive later?