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

Question

1 Approved Answer

A loan of $2880 can be repaid in 210 days by paying the principal sum borrowed plus $80 interest. What was the rate of interest

image text in transcribed
A loan of $2880 can be repaid in 210 days by paying the principal sum borrowed plus $80 interest. What was the rate of interest charged? The 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

Step: 3

blur-text-image

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

Cash Confident An Entrepreneurs Guide To Creating A Profitable Business

Cash Confident An Entrepreneurs Guide To Creating A Profitable Business

Authors: Melissa Houston

1st Edition

1637586361, 978-1637586365

More Books

Students also viewed these Finance questions

Question

As an auditor, why would we be concerned with a high volume of transactions that exceed the Benford Expected value?

Answered: 1 week ago

Question

★★★★★
Ebba Co. is experiencing a decrease in sales and operating income for the fiscal year ending December 31, 2010. Cody Bryant, controller of Ebba Co., has suggested that all orders received before the...

Answered: 1 week ago

Question

★★★★★
Q1 How do you find network ports in Linux? list 3 network ports that linux server use for applications or services.

Answered: 1 week ago

Question

★★★★★
Consider a new test for COVID - 1 9 . Assume that x % of the population has COVID - 1 9 and that a test is y % sensitive ( True Positive Rate ) and z % specific ( True Negative Rate ) . You pick the...

Answered: 1 week ago

Question

★★★★★
A surgery center specializes in high-risk cardiovascular surgery. The center needs to forecast its profitability over the next three years to plan for capital growth projects. For the first year, the...

Answered: 1 week ago

Question

★★★★★
A + T Williamson Company is making adjusting entries for the year ended December 3 1 of the current year. In developing information for the adjusting entries, the accountant learned the following: a...

Answered: 1 week ago

Question

★★★★★
At January 1, 2024, Caf Med leased restaurant equipment from Crescent Corporation under a rine-year lease agreement. - The lease agreement specifies annual payments of $25,000 beginning January...

Answered: 1 week ago

Question

★★★★★
The four actors below have just signed a contract to star in a dramatic movie about relationships among hospital doctors. Filming is expected to take two years to complete. Each person signs...

Answered: 1 week ago

Question

★★★★★
Question 5 (1 point) Let's assume \%eax = 0x000FED25 (Hexadecimal representation). What is the value in \%eax after the following instruction? salq $4,2ax Provide answer in hexadecimal...

Answered: 1 week ago

Previous Question Next Question