Question: 3. A person borrows $20,000 simple interest loan from a company, and after 9 months the interest is $50. What is the annual simple interest

3. A person borrows $20,000 simple interest loan from a company, and after 9 months the interest is $50. What is the annual simple interest rate in this case? A. 0.33% B. 0.50% C. 2% D. 1.05% E. 0.06%

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Question 1 refers to the Adviser/Client Scenario 1 video which can be found in your subject room. You are required to watch this video and assess the interactions which take place to answer the...

1)Find the present value of $13,500 in 7 months at 7.9% interest answer:$ 2. Your friend needs a loan of $4,700 for 6 months. You tell him for the simple interest loan service he needs to pay you...

Listen In order to start a small business a student takes out a simple interest loan for 3 000 00 for 6 months at a rate of 7 50 How much interest must the student pay For simple interest A P 1 r t I...

hi could you help with this assignment? i am hard time finding the fraud thanks Student Handout 1. Tallahassee BeanCounters organizational chart Franklin Kennedy Owner Phil Ackers President $95,000...

Mayell Munyai obtained a loan from her bank to the amount of R32 500. The loan is repayable over a 6-month period at 13.00% per annum. Mayell knows that her effective annual rate of return (EAR) and...

Mini Case-Lots of Plan Jenny Smith, 28. just received a promotion at work. Her salary has increased to $40 000 and she is now eligible to participate in her employer's pension plan. The employer...

Scenario 2: Considering the calculations you have done so far, you need to attend to a number of import and export transactions for goods that companies in the United States expressed interest in....

QUESTION 1 55 MARKS PART A 40 MARKS Wiseman Madala has been employed by Amapiano (Pty) Ltd (referred to as Amapiano) since 1 October 2021. Up until 30 June 2021 he had been employed by Kwaito Records...

Required information [The following information applies to the questions displayed below] Tony and Suzie graduate from college in May 2024 and begin developing their new business. They begin by...

1. Towson University Finance Corporation is examining several options for its capital structure, to determine which is optimal. Calculate: a) the corporate cost of capital for each of the following...

Please solce all steps, thank you will thunbs up Dickson Manufacturing is preparing its master budget for the first quarter of the upcoming you the following data portain to Dickson Manufacturing's...

Consider two mobile nodes in a foreign network having a foreign agent. Is it possible for the two mobile nodes to use the same care-of address in mobile IP? Explain your answer.

Give three examples of protocol parameters that might be negotiated when a connection is set up.

In a direct placement Seleccione una: a . the dealer sells directly to the end investor. b . the issuer bypasses the dealer and sells directly to the end investor. c . none of these. d . the issuer...

last two options for the multiple choice are : performance management development A construction equipment manufacturer, Roswell Corporation, is focusing on becoming a leader in sustainability in...

8. Sometimes viewed as a Scandinavian tortilla, these potato flatcakes are often sold in areas with high Scandinavian American populations: a. Lefse b. Lutefisk c. Aquavit d. Fiskepudding

What is the relationship between humans?

What is the orientation toward time?