Annes Dress Shop borrowed $3200 to buy material. The loan was paid off seven months later by

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Anne’s Dress Shop borrowed $3200 to buy material. The loan was paid off seven months later by a lump-sum payment that included $168 of interest. What was the simple rate of interest at which the money was borrowed?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 03:39 AM

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Annes Dress Shop borrowed $3200 to buy material. The loan was paid off seven months later by

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Contemporary Business Mathematics with Canadian Applications

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