Answered step by step
Verified Expert Solution
Question
1 Approved Answer
His friend Thomas grants him a loan of $ 5000, instructing him to charge 10% periodic interest for forty (40) months using the simple interest
His friend Thomas grants him a loan of $ 5000, instructing him to charge 10% periodic interest for forty (40) months using the simple interest method. Calculate the interest and the total pay? a) $ 1,800, interest, total payable $ 6800 b) $ 1,667 interest, total payable $ 3,333 c) $ 1,500 interest, total to pay $ 6,500 d) $ 1,667 interest, total payable $ 6,667 e) _______________________________
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