Question: Calculating 'T When 't' is expressed in Years Sabrina borrowed $4250 from her friend for 2 years. If she was charged a simple interest rate

Calculating 'T When 't' is expressed in Years Sabrina borrowed $4250 from her friend for 2 years. If she was charged a simple interest rate of 6% p.a., how much interest would she have to pay on the loan

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!

Indicate whether the statement is true or false, and justify your answer. Unlike with most types of goods, deriving a demand curve for health care is quite simple because people rarely skimp on...

3.If you borrowed $1,000 for a 2 year period, with a simple interest rate of 5% per annum, the total interest to be paid would be $100 None of the other alternatives are correct $1,000 $500 $300...

label and circle each question and answer , also draw cash flow diagram for questions 1-9 1. (Problem 3-3) A$5,000 loan was to be repaid with 5% simple annual interest. A total of $6,000 was paid....

Question 1 Answer saved Marked out of 1.00 Geoffrey is the owner of a small grocery store, and is considering buying a car to help him transport his wares. He has found a suitable used car online...

Question: 2) Veronica loaned $7,000 to Rachel at a simple interest rate of 4.66% p.a. for 2 years and 9 months. Calculate the amount of interest charged at the end of the term. 3) How long will it...

2) Veronica loaned $7,000 to Rachel at a simple interest rate of 4.66% p.a. for 2 years and 9 months. Calculate the amount of interest charged at the end of the term. 3) How long will it take for an...

UNIT 4 - REVIEW 1 1) Show ALL work, as stated in class, for FULL marks. 2) Round final answers to 2 decimal places, where appropriate. 3) Include units with all FINAL answers. 1. What amount of...

1 This assignment covers material from Units 1 to 4 in the Mathematics 244 Study Guide. It is due after Unit 4 in the Study Guide is completed. Total Marks = 150 1. Evaluate each of the following...

math 1. If a principal P is borrowed at a simple interest rate r (expressed as a decimal) for a period of t years, the interest charge I is __________. 2. If a lender deducts the interest from the...

1. Amy invested $2,560 for 275 days at a simple interest rate of 3.50% p.a. How much more or less interest would he have earned on the investment if his money was growing at a simple interest rate of...

1. How long will it take for an investment to double at a simple interest rate of 2.60% p.a.? years months Express the answer in years and months, rounded up to the next month 2. How much did Speedy...

Subjective Probability a. Estimate the probability that on the next test in a randomly selected statistics class, at least one student earns a grade of A. b. Answer part (a) with the additional...

Write a paper on Extremism Ideology Case Study

In what circumstances may a shareholder bring a derivative action on behalf of his company? What procedure is available to deal with the procedural problems presented by such actions?

https://media.cheggcdn.com/media/e59/e5900ba1-02b0-44ab-8246-fb980e24e7c1/phpDkQ6Ux

LO3.5 Explain how changes in supply and demand affect equilibrium prices and quantities.

LO3.1 Characterize and give examples of markets.

5. What problem does barter entail? Indicate the economic significance of money as a medium of exchange. What is meant by the statement We want money only to part with it? LO2.2