Kwame borrowed $2500 for 5 months from a bank using a 3% discount note. (a) How much
Question:
Kwame borrowed $2500 for 5 months from a bank using a 3% discount note.
(a) How much interest did Kwame pay the bank for the use of its money?
(b) How much did he receive from the bank?
(c) What was the actual rate of interest he paid?
If necessary round all dollar figures to the nearest cent and round percents to the nearest hundredth of a percent.
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Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
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