In 1555, King Henry borrowed money from his bankers on the condition that he pay 5% of
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In 1555, King Henry borrowed money from his bankers on the condition that he pay 5% of the loan at each fair (there were four fairs per year) until he had made 40 payments. At that time the loan would be considered repaid. What effective annual interest did King Henry pay?
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P 005 P PA i 40 PA i 40 1005 20 From interest tables PA i 40 i 21355 3...View the full answer
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