Hillary borrowed $2200 from the bank for 11 months. The bank discounted the loan at 6.8% a) How much was the interest? b) How much did Hillary receive from the bank? c) What was the actual rate of interest?
Hillary borrowed $2200 from the bank for 11 months. The bank discounted the loan at 6.8% a) How much was the interest? b) How much did Hillary receive from the bank? c) What was the actual rate of interest?
Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section: Chapter Questions
Problem 430PT: Melinda deposited $5,985 in a bank account with an interest rate of 1.9%. How much interest was...
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Hillary borrowed $2200 from the bank for 11 months. The bank discounted the loan at 6.8%
a) How much was the interest?
b) How much did Hillary receive from the bank?
c) What was the actual rate of interest?
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