Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I don't have enough money for the movie and so my friend loans me $20. I feel embarrassed and promise to pay him back in

image text in transcribed

I don't have enough money for the movie and so my friend loans me $20. I feel embarrassed and promise to pay him back in 12 days when I get paid. Feeling bad that I had to borrow the money, I pay him back $25 on my payday saying that the extra $5 was interest. Find the simple interest rate, I paid my friend for the loan. Round your answer to the nearest percent

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

Accounting Comes Alive The Color Accounting Parable

Authors: Mark Robilliard ,Peter Frampton, Chang Chang, Mark Morrow, John Gorman

1st Edition

1450769608, 978-1450769600

More Books

Students also viewed these Finance questions

Question

What are the key creative tactics for gaining attention?

Answered: 1 week ago

Question

Why is consistency in IMC executions so important?

Answered: 1 week ago