Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Robert borrows $1000 for 8 months from a lender who charges a 16% discount rate. What is the equivalent simple interest rate he pays on
Robert borrows $1000 for 8 months from a lender who charges a 16% discount rate. What is the equivalent simple interest rate he pays on the loan? Ans; 17.91%
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