Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Simple interest of $186.67 is owed on a loan of $500.00 after five years and four months. What is the annual interest rate? The annual

image text in transcribed
Simple interest of $186.67 is owed on a loan of $500.00 after five years and four months. What is the annual interest rate? The annual interest rate is about percent per year. (Round to the nearest whole number as needed)

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

More Books

Students also viewed these Databases questions

Question

Describe a persuasive message.

Answered: 1 week ago

Question

Identify and use the five steps for conducting research.

Answered: 1 week ago

Question

List the goals of a persuasive message.

Answered: 1 week ago