[Solved] A loan of $960 was repaid at the end of 1

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 07, 2024

A loan of $960 was repaid at the end of 12 months with a check for $975. What annual rate of interest was charged? .

A loan of $960 was repaid at the end of 12 months with a check for $975. What annual rate of interest was charged? . . ... The annual rate of interest was charged at %. (Round to two decimal places as needed.)

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

Introduction to graph theory

Authors: Douglas B. West

2nd edition

ISBN: 131437372, 978-0131437371

More Books

Students also viewed these Mathematics questions

Question

★★★★★

In Exercise 6, you calculated the mean number of Americans on Medicare. We now want to test whether the distribution of Americans on Medicare is symmetrical or skewed. a. Calculate the median and...

Answered: 1 week ago

Question

★★★★★

=+a. Why did consumers switch to smaller cars in 2008?

Answered: 1 week ago

Question

★★★★★

FIFO and LIFO, Income Statement Presentation The board of directors of Oksana Corporation is considering whether or not it should instruct the accounting department to change from a first-in,...

Answered: 1 week ago

Question

★★★★★

Answered: 1 week ago

Question

★★★★★

Assume money can earn 15% compounded semiannually Rank the following payments in order of the payee's first choice, second choice, and third choice, respectively: $10,000 paid today. $20,000 to be...

Answered: 1 week ago

Question

★★★★★

Below is a 2-3 tree, into which 4 elements were inserted so far. Please insert C,H,X,P and L in this tree in the given order. Show all intermediate steps with your drawings. E RS

Answered: 1 week ago

Question

★★★★★

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 25 March 29 Sales Totals March 1 March 5 March 9 March 18...

Answered: 1 week ago

Question

★★★★★

Selected stock transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 200,000 shares of common stock...

Answered: 1 week ago

Question

★★★★★

Question #2: Tucco and Lini also need your help. Tucco Lamar, age 30, and Lini Lamar, age 31, have been married for six years. They got married right after Tucco graduated from college. They have...

Answered: 1 week ago

Question

★★★★★

Penny Cassidy is considering forming her own pool service and supply company, Penny's Pool Service & Supply. Incorporated. She has decided to incorporate the business to limit her legal liability....

Answered: 1 week ago

Previous Question Next Question