1. A loan of S5000 was repaid at the end of 6 months with a check for $5112.50. What simple interest rate was charged? (6)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
icon
Related questions
Question

This is practice. It's not graded

1. A loan of $5000 was repaid at the end of 6 months with a check for $5112.50. What simple interest
rate was charged? (6)
5n
Transcribed Image Text:1. A loan of $5000 was repaid at the end of 6 months with a check for $5112.50. What simple interest rate was charged? (6) 5n
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax