Answer:
$400,152
Explanation:
Given :
Amounts payable = 200,000 pounds
Fuds required = [tex]$\frac{200,000}{1+0.06 \times \frac{180}{360}}$[/tex]
= 194,174.76 pounds
Cost of dollars = 194,174.76 x 2.02
= $ 392,233
Therefore, the amount borrowed today in dollars = $ 392,233
The payment of loan after the 180 days = [tex]$392,233 \times \left( 1 + 0.04 \times \frac{180}{360}\right)$[/tex]
= $ 400,077.67
= $ 400,152 (rounding off)
The number of days taken in a year = 360
