Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hong took out a loan for 146 days and was charged simple interest at an annual rate of 12.5% . The total interest he paid

Hong took out a loan for

146

days and was charged simple interest at an annual rate of

12.5%

. The total interest he paid on the loan was

$245

. How much money did Hong borrow? Assume that there are

365

days in a year, and do not round any intermediate computations. If necessary, refer to the

list of financial formulas

.

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

Information Technology Project Management

Authors: Kathy Schwalbe

9th Edition

1337101354, 978-1337101356

More Books

Students also viewed these General Management questions

Question

=+a) Why is there no coefficient for Medium?

Answered: 1 week ago

Question

What is organizational flattening? Why is it practiced?

Answered: 1 week ago