Reuben took out a loan for 146 days and was charged simple interest at an annual rate of 12.5% . The total interest he paid on the loan was $245 . How much money did Reuben borrow? 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 . $
Reuben took out a loan for 146 days and was charged simple interest at an annual rate of 12.5% . The total interest he paid on the loan was $245 . How much money did Reuben borrow? 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 . $
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 20E: Mortgage A couple can afford to make a monthly mortgage payment of $650. If the mortgage rate is 9%...
Related questions
Question
Reuben took out a loan for
days and was charged simple interest at an annual rate of
.
The total interest he paid on the loan was
.
How much money did Reuben borrow?
Assume that there are
days in a year, and do not round any intermediate computations.
If necessary, refer to the
146
12.5%
The total interest he paid on the loan was
$245
How much money did Reuben borrow?
Assume that there are
365
If necessary, refer to the
list of financial formulas
.
$
|
|
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