A stove is worth $1700. You can pay $1700 on the date of purchase or $1700...

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A stove is worth $1700. You can pay $1700 on the date of purchase or $1700 plus an administration fee of $55 5 months from the purchase date. What is the implied simple interest rate? Answer: % A stove is worth $1700. You can pay $1700 on the date of purchase or $1700 plus an administration fee of $55 5 months from the purchase date. What is the implied simple interest rate? Answer: %

Answer rating: 100% (QA)

1 First lets denote the principal amount initial cost of the stove as P 1700 2 The total am... View the full answer