Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 25E
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Question
A loan shark made a loan of $5000 to be repaid with $5500 dollars at the end of two months. What is the simple interest rate?
Expert Solution
Step 1
simple interest involves no compounding that means no interest on interest is included.
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