8 8. A man borrowed an amount of $10,000 to a bank. The bank agreed considering that theinterest rate is 5% annually. Determine the amount that the man paid the bank if heborrowed last January 01, 1900. The man paid the bank dated November 30, 1900. Useexact simple interest.

From and including: 1 January 1990 To, but not incorporating 30 December 1990 Result: 363 days…

Answered: agreed interest rate is 5% annually.…

agreed interest rate is 5% annually. Determine the amount that the man paid the ba borrowed last January 01, 1900. The man paid the bank dated November 30, 19 exact simple interest

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 30P: A mortgage 105m is a loan that a person makes to purchase a house. Table 19.11 provides a list of...

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8. A man borrowed an amount of $10,000 to a bank. The bank agreed considering that the
interest rate is 5% annually. Determine the amount that the man paid the bank if he
borrowed last January 01, 1900. The man paid the bank dated November 30, 1900. Use
exact simple interest.

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8. A man borrowed an amount of S10,000 to a bank. The bank agreed considering that theinterest rate is 5% annually. Determine the amount that the man paid the bank if heborrowed last January 01, 1900. The man paid the bank dated November 30, 1900. Useexact simple interest.
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