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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

If you receive Chapter 17, Problem 7SCQ, If you receive in simple interest on a loan that you made for for five years, what was the interest , example  1 in simple interest on a loan that you made for Chapter 17, Problem 7SCQ, If you receive in simple interest on a loan that you made for for five years, what was the interest , example  2 for five years, what was the interest rate you charged?

To determine

Calculation of interest rate.

Explanation

The interest rate charged is 1 percent.

Simple Interest = Prinicpal × Rate × TimeInterest amount = $500Time period = 5 yearPrincipal amount = $10000Interest Rate = ?I

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