Question
Gregory borrowed $4750 for 8 months from a bank. The lender discounted the loan at 8.5% a. How much interest did Gregory pay the bank
Gregory borrowed $4750 for 8 months from a bank. The lender discounted the loan at 8.5%
a. How much interest did Gregory pay the bank for the use of its funds?
(round answer to nearest cent)
b. The amount of money Gregory received is:
(round answer to nearest cent)
c. The actual interest rate is:
(answer with an integer or decimal rounded to the nearest hundredth as needed)
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Finance Applications and Theory
Authors: Marcia Cornett
4th edition
1259691411, 978-1259691416
