If you borrow $1,000 and pay back $1,728 in three years, what annual rate of interest are
Question:
If you borrow $1,000 and pay back $1,728 in three years, what annual rate of interest are you paying?
Step by Step Answer:
PV FV 1in 1000 17...View the full answer
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Interest, debt, finance, and capital markets are all important concepts in the world of economics and business. Interest is the cost of borrowing money, and it is typically expressed as a percentage of the amount borrowed. Debt is the money that is borrowed, and it has to be repaid with interest. Finance is the study of how individuals, companies, and organizations manage their money and investments. Capital markets are the places where companies and governments can raise money by selling stocks and bonds to investors. These markets play an important role in the overall economy by helping to fund investment and growth.
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