Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Show me the steps to solve You lend a friend $ 1 5 comma 0 0 0 , for which your friend will repay you

Show me the steps to solve You lend a friend $15 comma 000, for which your friend will repay you $103 comma 965 at the end of 9 years. What interest rate are you charging your "friend"?
Question content area bottom
Part 1
The interest rate you are charging your friend on the loan is
enter your response here%.(Round to the nearest whole percent.)

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

The Investment Code Ancient Jewish Wisdom For The Wise Investor

Authors: H. W. Charles

1st Edition

1533423466, 978-1533423467

More Books

Students also viewed these Finance questions

Question

What is the median interest rate?

Answered: 1 week ago

Question

Who is the largest customer in Iowa (IA)?

Answered: 1 week ago