Absa Bank loaned Striped Enterprises money at 7% interest for 120 days. If the amount of interest
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Absa Bank loaned Striped Enterprises money at 7% interest for 120 days. If the amount of interest was R3500, use the ordinary interest method to find the amount of principal borrowed.
Mike Johnson borrowed R4000 for 60 days. If the interest was R60 using ordinary interest, what was the rate on Mike's loan?
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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