Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 04, 2024

16 Mr. Timms borrowed $35,000 to buy stock for his shoe shop. He repaid the simple interest loan after 4 years. He paid interest of

16 Mr. Timms borrowed $35,000 to buy stock for his shoe shop. He repaid the simple interest loan after 4 years. He paid interest of $6,750. What was the interest rate? 4.82% 19.29% O 4.2% 4.29%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Extinction Governance Finance And Accounting

Authors: Jill Atkins, Martina Macpherson

1st Edition

0367492989, 978-0367492984

More Books

Students also viewed these Finance questions

Question

★★★★★

Calculate the molarity of the following aqueous solutions: (a) 0.540 g Mg(NO3)2 in 250.0 mL of solution, (b) 22.4 g LiCIO4 ( 3 H2O in 125 mL of solution, (c) 25.0 mL of 3.50 M HNO3 diluted to 0.250 L.

Answered: 1 week ago

Question

★★★★★

39. Funding. In 2005, a survey developed by Babson College and the Association of Womens Business Centers (WBCs) was distributed to WBCs in the United States. Of a representative sample of 20 WBCs,...

Answered: 1 week ago

Question

★★★★★

=+8.6. Show by solving (8.27) that the unrestricted random walk on the line (Example 8.3) is persistent if and only if p - -

Answered: 1 week ago

Question

★★★★★

Consider each of the following unrelated cases, involving the ownership of shares of Canadian-controlled private corporations. Assume all of the issued shares are common shares unless specifically...

Answered: 1 week ago

Question

★★★★★

Consider the following code snippet. There are a few questions ( Questions 1 1 , 1 2 and 1 3 ) that will use it . x = int ( input ( ' Enter an integer: ' ) ) if x 7 : if x > 1 0 : print ( ' G ' )...

Answered: 1 week ago

Question

★★★★★

Mutton Motors wants to build a new factory. They know the cost to build the factory and have forecasted cash flows from the new plant. They need to do an NPV analysis but are not sure what rate to...

Answered: 1 week ago

Question

★★★★★

Given a rectangular hollow box with outer dimensions 125mm x 85mm and constant thickness of 10mm has an ultimate stress of 415 MPa. Modulus of Elasticity of 110 GPa. a. Determine the bending moment M...

Answered: 1 week ago

Question

★★★★★

"Political, economic, and legal environments of country clearly influence the attractiveness of that country as a market or investment site". Do you agree with this statement? Discuss. And explain...

Answered: 1 week ago

Question

★★★★★

Angie sees a sign on the counter of her local gym which says " No-one is allowed to use the equipment if they have not paid current gym fees ". This is an example of:

Answered: 1 week ago

Question

★★★★★

1. Assume the demand function for good Y is as follows: D = 850 + 21+ 15Px 1315 where QD 2 Quantity demanded of good Y, I = Average income, PK 2 Price of good X and PY 2 Price of good Y. (a)...

Answered: 1 week ago

Question

★★★★★

During the 2023 income year, Nilpa (a resident taxpayer) received the following: Net salary from employer (PAYG of $30,000 was withheld) $90,000 Allowance from employer $10,000 Cash prize from...

Answered: 1 week ago

Question

★★★★★

(Appendices) SALES, SALES RETURNS, AND SALES ALLOWANCES. The contractor sales department of a Builders Square store in suburban Chicago had the following salesrelated transactions on a recent day: a)...

Answered: 1 week ago

Question

★★★★★

(Appendices) DISCOUNT POLICY AND GROSS MARGIN. Compton Electronics sells Motorola cellular phones. During 19x8, Compton sold 1,000 units for $300 per unit. Each unit costs Compton $180. At present,...

Answered: 1 week ago

Question

★★★★★

(Appendices) INTERNAL CONTROL FOR SALES. Alcoa Building Products distributes aluminum siding and related building products to building contractors, all of whom purchase on credit. LO6 REQUIRED: List...

Answered: 1 week ago

Previous Question Next Question