Hong took out a $10,000 loan for 73 days and was charged simple interest. The total interest he paid on the loan was $106. As a percentage, what was the annual interest rate of Hong's loan? Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas. 11% Explanation Check X 4

Hong took out a $10,000 loan for 73 days and was charged simple interest. The total interest he paid on the loan was $106. As a percentage, what was the annual interest rate of Hong's loan? Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas. 11% Explanation Check X 4

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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