Question
A friend loans you $300 and asks you to pay them back $325 in 6 months. What annual interest rate are they charging you? Your
A friend loans you $300 and asks you to pay them back $325 in 6 months. What annual interest rate are they charging you?
Your parents have a collage saving account which earns 7% interest, compounded monthly. If you need to withdraw $2000 every month for 4 years to pay for college, how much will they need to have saved when you start college?
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Answer For the loan from your friend the annual interest rate can be calculated using the formula fo...
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Principles of Finance
Authors: Scott Besley, Eugene F. Brigham
6th edition
9781305178045, 1285429648, 1305178041, 978-1285429649
