Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sarah gave out a loan of $4,500 to a friend on December 11, 2015. The loan was on May 17, 2016 with $140.64 interest. a.

image text in transcribed

Sarah gave out a loan of $4,500 to a friend on December 11, 2015. The loan was on May 17, 2016 with $140.64 interest. a. What was the time period of the loan expressed in days? days . What was the time period of the loan expressed in days? days b. What was the annual simple interest rate for this loan? % Round to two decimal places

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

Sound Investing, Chapter 19 - Related-Party Transaction Ruse

Authors: Kate Mooney

1st Edition

0071719415, 9780071719414

More Books

Students also viewed these Accounting questions

Question

What is the biggest strength of the program?

Answered: 1 week ago