Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Barry's Dress Shop borrowed $2232.00 to buy material. The loan was paid off 2 months later by a lump-sum payment that included $28.61 of interest.

image text in transcribed

Barry's Dress Shop borrowed $2232.00 to buy material. The loan was paid off 2 months later by a lump-sum payment that included $28.61 of interest. What was the simple rate of interest at which the money was borrowed? The rate of interest 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

Introductory Econometrics For Finance

Authors: Chris Brooks

4th Edition

110843682X, 9781108436823

More Books

Students also viewed these Finance questions

Question

In what research projects are your students currently involved?

Answered: 1 week ago