Answered: usan bought a 9-month $1400 certificate…

usan bought a 9-month $1400 certificate of deposit. At the end of 9 months, she received $104 simple interest. Find the annual rate of simple interest paid. Round your answer to the nearest percent

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

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Susan bought a 9-month $1400 certificate of deposit. At the end of 9 months, she received $104 simple interest. Find the annual rate of simple interest paid. Round your answer to the nearest percent

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