Dave borrowed $500 and paid $50 in interest when he repaid the principal after one year. The

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Dave borrowed $500 and paid $50 in interest when he repaid the principal after one year. The bank also charged him a $5 service on a discount basis. What was the effective cost of his loan?

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Personal Finance

ISBN: 978-1259453144

6th Canadian edition

Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Arshad Ahmad, Jordan Fortino

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Question Posted: May 22, 2017 10:08 AM

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Dave borrowed $500 and paid $50 in interest when he repaid the principal after one year. The

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