Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Barney Casey borrowed $40,000 from his parents for 2 years.He paid them a total of $45,000 at the end of the 2-year term of the
Barney Casey borrowed $40,000 from his parents for 2 years.He paid them a total of $45,000 at the end of the 2-year term of the simple interest loan.What rate of interest did he pay his parents?Im coming up with 118.66?
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