Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On September 26,2010 , Justin received $5,500 from his father. He settled this amount on March 6, 2011 with interest of $142.41. No written response

image text in transcribed
image text in transcribed
On September 26,2010 , Justin received $5,500 from his father. He settled this amount on March 6, 2011 with interest of $142.41. No written response required. a. What was the time period of the loan, expressed in days (rounded up to the next day)? 167 161 152 179 b. What was the annual rate of simple interest charged for this loan? 0.59%0.16%1.93%5.87%

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

Fundamentals of Investments Valuation and Management

Authors: Bradford D. Jordan, Thomas W. Miller

5th edition

978-007728329, 9780073382357, 0077283295, 73382353, 978-0077283292

More Books

Students also viewed these Finance questions