Problem 8: A man wants to receive 8AB.CD immediately and pay it back in one year. The bank charges a simple discount of BC% payable at once. How much must be borrowed? What was the rate of interest?

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter16: Information, Risk, And Insurance
Section: Chapter Questions
Problem 8RQ: What are some ways that someone looking for a loan might reassure a bank that is faced with...
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Problem 8 A=1 B=5 C=7 D=6 E=8 Direction: Please answer it correctly. List the given, required and solution that will be use. Complete the steps and solution. Provide graph if necessary and box the final answers. .
Problem 8: A man wants to receive 8AB.CD
immediately and pay it back in one year.
The bank charges a simple discount of BC%
payable at once. How much must be
borrowed? What was the rate of interest?
Transcribed Image Text:Problem 8: A man wants to receive 8AB.CD immediately and pay it back in one year. The bank charges a simple discount of BC% payable at once. How much must be borrowed? What was the rate of interest?
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