Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You repaid a loan of $2,000 with a single payment of $2,525 representing both the principle and interest. If the loan was outstanding 21 months,
You repaid a loan of $2,000 with a single payment of $2,525 representing both the principle and interest. If the loan was outstanding 21 months, what simple rate of interest was charged?
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