Question
Diane needs $10,000 to purchase a car. Her fianc, Hank, has agreed to advance her the money if she will promise to repay him a
Diane needs $10,000 to purchase a car. Her fianc, Hank, has agreed to advance her the money if she will promise to repay him a lump sum of $13,500 in 5.5 years so he can put a down payment on a home. What is the average annual compound rate of interest that Hank will receive when the loan is paid?
- A. 5.61%
- B. 4.53%
- C. 7.87%
- D. 9.12%
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Financial Crimes
Authors: Maximilian Edelbacher, Peter Kratcoski, Michael Theil
1st Edition
0367866528, 978-0367866525
