Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dustin received a loan at 2% p.a. simple interest for 6 months. If he was charged an interest of $186.00 at the end of the

image text in transcribed

Dustin received a loan at 2% p.a. simple interest for 6 months. If he was charged an interest of $186.00 at the end of the period, what was the principal amount of the loan? Round to the nearest cent

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

Handbook Of Corporate Finance Empirical Corporate Finance Volume 1

Authors: B. Espen Eckbo

1st Edition

044453265X, 0080559565, 9780444532657, 9780080559568

More Books

Students also viewed these Finance questions

Question

=+f. Why did laptops get much cheaper between 2000 and 2017?

Answered: 1 week ago