Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 06, 2024

Phil agrees to lend $850 to his friend Joe to help Joe travel to Cincinnati to attend a family wedding. Nine months later , Joe

Phil agrees to lend $850 to his friend Joe to help Joe travel to Cincinnati to attend a family wedding. Nine months later , Joe repaid the original $850 plus $51 in interest. What annual rate of interest did Joe pay to Phil?

Use the formula I=Prt Interest = (Principal) (rate of interest as a decimal) ( time in years )

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

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

Essential Finance Guide

Authors: DK Publishing

1st Edition

078948157X, 978-0789481573

More Books

Students also viewed these Finance questions

Question

★★★★★

Dorothy Stanyard has three major routes to take to work. She can take Tennessee Street the entire way, she can take several back streets to work, or she can use the expressway. The traffic patterns...

Answered: 1 week ago

Question

★★★★★

Recording Adjusting Entries Hannah Companys annual accounting year ends on June 30. It is June 30, 2012, and all of the entries for the current year have been made except the following adjusting...

Answered: 1 week ago

Question

★★★★★

What is P{T1 Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★

BusinessWeek recently declared, We have entered the Age of the Internet, and observed that when markets for goods or services gain access to the Internet, more consumers and more businesses...

Answered: 1 week ago

Question

★★★★★

BNB Inc. has is evaluating a 10-year project that requires a machine that costs $200,000 and has a CCA rate of 30\%. The machine is the only asset in the asset class and its salvage value is $5,000...

Answered: 1 week ago

Question

★★★★★

This is insurance subject related question How many financial statements are prepared by insurance company? Under SAP and GAAP what are different accounting rules applied on assets, liabilities,...

Answered: 1 week ago

Question

★★★★★

In explaining why monetary policy did not pull Japan out of a recession in the early 2000s, an official at the Bank of Japan was quoted as saying that despite "major increases in the money supply"...

Answered: 1 week ago

Question

★★★★★

2. [4 points] Find the constrained minimum and maximum values of the function f(x, y) = (x-2y)2 subject to the constraint x + y = 5, as well as all points at which they occur.

Answered: 1 week ago

Question

★★★★★

The FDIC asserted gross negligence by Crowe. Allegedly, there was concealment and collusion to pep petrate a fraud within the bank and from outside sources. Crowe was held to the AICPA's standards...

Answered: 1 week ago

Question

★★★★★

To close out this Portfolio Project, you will reflect on the project as a whole. This reflection will be delivered orally in the format of a PowerPoint with voiceover, with a total recording length...

Answered: 1 week ago

Question

★★★★★

Your friend Pablo owns company called "Essential Eats" (EE for short). EE makes baked goods using a free community kitchen. Pablo sells them at a local weekly sport park meet up. The sports park...

Answered: 1 week ago

Question

★★★★★

C What aspects of the public speaking situation do you think a VRT simulation could effectively simulate?

Answered: 1 week ago

Question

★★★★★

A What type of accent do you have? How do you feel it is perceived by others from different regions in the United States or even abroad?

Answered: 1 week ago

Question

★★★★★

Many of us feel awkward when we hear our voices on a recording, but rather than feel uncomfortable, you should learn to embrace your speaking voice. What aspects of your vocal delivery are unique to...

Answered: 1 week ago

Previous Question Next Question