To complete the sale of a house, the you accept a 260-day note for $7,000 at 10% simple interest. (Both interest and principal are repaid at the end of the 260 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $7,105 after 70 days. What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage. _%. Round to the nearest thousandths of a percent (3 decimal places).

To complete the sale of a house, the you accept a 260-day note for $7,000 at 10% simple interest. (Both interest and principal are repaid at the end of the 260 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $7,105 after 70 days. What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage. _%. Round to the nearest thousandths of a percent (3 decimal places).

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter11: Exponential And Logarithmic Functions

Section11.2: Applications Of Exponential Functions

Problem 26PS

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