Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 19, 2024

Billie took out a $1,200 discounted loan for a period of 3 months. The amount she actually received into her bank account was $1,150 .

Billie took out a $1,200

discounted loan for a period of 3

months. The amount she actually received into her bank account was $1,150

. What is the (simple) interest rate for this loan? Give your answer as a percentage to the nearest percent.

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

Derivatives Markets

Authors: Robert McDonald

3rd Edition

978-9332536746, 9789332536746

Students also viewed these Mathematics questions

Question

★★★★★

The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: Purchased $400,000 of materials. Used $343,750 of direct materials in...

Answered: 1 week ago

Question

★★★★★

=+Consider Porters value chain and the holistic marketing orientation model.

Answered: 1 week ago

Question

★★★★★

What effects do price fl oors have on economic activity?

Answered: 1 week ago

Question

★★★★★

At the start of 2014, Adria Lopez is considering adding a partner to her business. She envisions the new partner taking the lead in generating sales of both services and merchandise for Success...

Answered: 1 week ago

Question

★★★★★

Billie took out a $1,200 discounted loan for a period of 3 months. The amount she actually received into her bank account was $1,150 . What is the (simple) interest rate for this loan? Give your...

Answered: 1 week ago

Question

★★★★★

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct material: 5...

Answered: 1 week ago

Question

★★★★★

The process used in the manufacture of aniline from nitrobenzene is described in Appendix F, design problem F.8. The process involves six significant stages: Vaporization of the nitrobenzene...

Answered: 1 week ago

Question

★★★★★

Design a private sewage system (septic tank and disposal field) for the building in Appendix C. In this design, use a percolation rate of 22 min. Appendix C

Answered: 1 week ago

Question

★★★★★

Design an upfeed water supply system for the apartment building in Appendix B. Use Type L copper pipe for this design problem. Assume each apartment has its own storage tank water heater. Appendix B...

Answered: 1 week ago

Question

★★★★★

The enzyme catalase effectively decomposes hydrogen peroxide and the kinetics of this reaction are to be evaluated from an experiment in which dilute H202 flows through a packed bed of kieselguhr...

Answered: 1 week ago

Question

★★★★★

The microbial fermentation of A produces R as follows and experiments in a mixed flow reactor with C Ao = 250 mol/m 3 show that In addition, there seems to be a limiting upper value for C R at 36...

Answered: 1 week ago

Previous Question Next Question