Mahesh borrowed $4,725 from Becky. He signed a contract agreeing to pay it back 9 months later
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Question:
Mahesh borrowed $4,725 from Becky. He signed a contract agreeing to pay it back 9 months later with 4.85% simple interest.
After 5 months, Becky sold the contract to Stan at a price that would earn Stan 5.00% simple interest per annum.
Calculate the simple interest rate that Becky earned during the period that she held the contract.
Express your answer as a percentage rate rounded to 2 decimal places but don't include the % sign.
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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