Tytos borrowed $16,500 to pay for the wedding of his daughter, Genna, to Emmon Frey. Tytos repaid the loan after 3 years with a single payment of $19,224. Assuming the interest compounded monthly, what was the interest rate? Round your answer to 2 decimal places. (2 marks) Joanna buys a new horse every five years. She uses a depreciation rate of 25% to estimate the value of her horse after 5 years. If after 5 years her current horse is worth $1750, how much was it when Joanna purchased it? (2 marks)

Answer rating: 100% (QA)

To calculate the interest rate in the first scenario we can use the formula for compound interest Fu... View the full answer