Question

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?

Answer 1

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.