Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You borrowed $82000 from your friend and repaid $83028 after 43 days. What effective annual interest rate did your friend charge on your loan? (Assume
You borrowed $82000 from your friend and repaid $83028 after 43 days. What effective annual interest rate did your friend charge on your loan? (Assume 365 days in a year and use three decimal places in your calculations/workings)
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