Answered: Suppose you pay back $450 on a $400…

Suppose you pay back $450 on a $400 loan you had for 45 days. What was your simple annual interest rate? State your result to the nearest hundredth of a percent.

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Suppose you pay back $450 on a $400 loan you had for 45 days. What was your simple annual interest rate? State your result to the nearest hundredth of a percent.

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