Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nathan was charged interest of $ 7 2 for a loan amount of $ 2 , 0 0 0 that he borrowed for 1 5

Nathan was charged interest of $72 for a loan amount of $2,000 that he borrowed for 150 days. What annual rate of simple interest was charged?
%
Round to two decimal places
image text in transcribed

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

Cost Accounting

Authors: Edward B. Deakin, Michael Maher

3rd Edition

0256069190, 978-0256069198

More Books

Students also viewed these Accounting questions

Question

3. Explain the techniques of aggregate planning with examples.

Answered: 1 week ago

Question

Explain the need for remedial basic skills training programs

Answered: 1 week ago

Question

Describe a typical interpersonal skills training program

Answered: 1 week ago