Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Margaret received $671.50 in cash as the proceeds from a loan. She paid the lender back $680. The rate was 10% simple interest. Find the

Margaret received $671.50 in cash as the proceeds from a loan. She paid the lender back $680. The rate was 10% simple interest. Find the length of the loan in months.

Step by Step Solution

3.44 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

principal amount 67150 Amount paid 680 i... 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

Statistics The Exploration & Analysis Of Data

Authors: Roxy Peck, Jay L. Devore

7th Edition

0840058012, 978-0840058010

More Books

Students also viewed these Corporate Finance questions

Question

Discuss the role of motivation in financial literacy.

Answered: 1 week ago