Question
A man needed money to buy lawn equipment. He borrowed $ 500.00 for five months and paid 53.94 in interest. What was the rate ofinterest?
A man needed money to buy lawn equipment. He borrowed $500.00
for
five months and paid
53.94 in interest. What was the rate ofinterest?
The rate of interest per year was
nothing
%.
(Round to one decimal place asneeded.)
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
Managerial Accounting Tools For Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
5th Canadian Edition
1119403995, 9781119403999
