Answered: If $27895 is borrowed for 5 months and…

If $27895 is borrowed for 5 months and P688 is paid, then the annual simple interest rate is ___________%. Round your answer to 2 decimal places. Add your answer

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Concept explainers

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.

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If $27895 is borrowed for 5 months and #688 is paid, then the annual simple interest rate is
Round your answer to 2 decimal places.
Add your answer
%.

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