Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you paid $36 to a loan company for the use of $8200 for 170 days, what annual rate of interest did they charge? Used

If you paid $36 to a loan company for the use of $8200 for 170 days, what annual rate of interest did they charge? Used 360 as a number of days in a year (a bankers year).

a) r=?

b) so the annual interest rate (as a percent) is ? 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

Finance For Executives Managing For Value Creation

Authors: Gabriel Hawawini, Claude Viallet

6th Edition

1473749247, 9781473749245

More Books

Students also viewed these Finance questions