FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A loan of $2520 can be repaid in 200 days by paying the principal sum borrowed plus $70 interest. What was the rate of interest

image text in transcribed

image text in transcribed
A loan of $2520 can be repaid in 200 days by paying the principal sum borrowed plus $70 interest. What was the rate of interest charged? The simple interest rate is [:|%. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_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

Complex Analysis For Mathematics And Engineering

Complex Analysis For Mathematics And Engineering

Authors: John H Mathews, Russell W Howell

6th Edition

1449604463, 9781449604462

More Books

Students also viewed these Mathematics questions

Question

★★★★★
What is the relationship between refraction and the speed of light?

Answered: 1 week ago

Question

★★★★★
In Example 5.8, suppose the lead time is reduced from 1 week to 4 days. What R should be used? What would the resulting safety stock be? Example 5.8 A retail outlet orders item A1 from a regional DC....

Answered: 1 week ago

Question

★★★★★
Were immediate and large effects of the interventions visible in the data following intervention? If not, was the behavior one that might justify small, delayed results?

Answered: 1 week ago

Question

★★★★★
Orange Corp. has two divisions: Fruit and Flower. The following information for the past year is available for each division: Orange has established a hurdle rate of 12 percent. Required: 1. Compute...

Answered: 1 week ago

Question

★★★★★
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation...

Answered: 1 week ago

Question

★★★★★
Thoroughly discuss the project integration management knowledge area and how it relates to the 5 process groups of a project. Discuss the key attributes within this knowledge area

Answered: 1 week ago

Question

★★★★★
Organizational Innovations... 167 Exercise 5 (Costs of Quality Analysis, Nonfinancial Quality Measures) Canada Industries manufactures two types of refrigerators, Victoria and Vancouver. Information...

Answered: 1 week ago

Question

★★★★★
Which of the following option is false? Select the most suitable answer. Select one: O a. The value of long forward increases as the price of the asset rises. O b. A 1-year forward contract is an...

Answered: 1 week ago

Question

★★★★★
A client reports having a drink of alcohol (sometimes two) every night before bed. The client's doctor has advised against alcohol use due to diabetes diagnosis. The client believes one drink does...

Answered: 1 week ago

Question

★★★★★
The adjusted trial balance for Happ Company follows. Adjusted Trial Balance December 31 Account Title Accounts receivable Accumulated depreciation-Trucks Accounts payable Salaries payable Number 101...

Answered: 1 week ago

Question

★★★★★
Larkspur Corporation borrowed $78,000 on November 1, 2025, by signing a $79,755, 3-month, zero-interest-bearing note. Prepare Larkspur's November 1, 2025, entry; the December 31, 2025, annual...

Answered: 1 week ago

Question

★★★★★
Select and analyze another computer-based tool, other than MS Project and MS Office (e.g. Word, Excel), that you could use in order to manage project costs and scheduling

Answered: 1 week ago

Question

★★★★★
Analyzing cash flows from alternatives. Savient Company is considering replacing some machinery. The old machinery has book value and tax basis of S 10.000. Its current market value is $5,000....

Answered: 1 week ago

Question

★★★★★
What is the difference between a profit center and an investment center?

Answered: 1 week ago

Question

★★★★★
Refer to the Managerial Application on page 342 about budgeting throughout the world. Why do companies all around the globe use master budgets'.' Why is it important to f ind out who within a company...

Answered: 1 week ago

Previous Question Next Question