Suppose that you borrow $1000.00 from a friend and promise to pay back $2050.00 in 5 years.

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Suppose that you borrow $1000.00 from a friend and promise to pay back $2050.00 in 5 years. What simple interest rate will you pay?

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Financial management theory and practice

ISBN: 978-0324422696

12th Edition

Authors: Eugene F. Brigham and Michael C. Ehrhardt

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Posted Date: May 08, 2024 09:17 PM

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Suppose that you borrow $1000.00 from a friend and promise to pay back $2050.00 in 5 years.

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To find the simple interest rate we can use the formula Simple Interest Rate Total ... View the full answer

Financial management theory and practice

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