Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dave borrowed $320 and paid $32 in interest when he repaid the principal after one year. The bank also charged him a 53 service fee

image text in transcribed
Dave borrowed $320 and paid $32 in interest when he repaid the principal after one year. The bank also charged him a 53 service fee on a discount basis. What was the effective cost of his loan? (Round your answer to 1 decimal ploce. Omit the sign in your response.) Effective cost

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

The Forex Trading Manual The Rules Based Approach To Making Money Trading Currencies

Authors: Javier H. Paz

1st Edition

0071782923,0071782931

More Books

Students also viewed these Finance questions

Question

What is typically covered in the work plan for a report? [LO-1]

Answered: 1 week ago