Problem 1: If a sum of $5000 is borrowed for nine months at 6% simple interest...

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Problem 1: If a sum of $5000 is borrowed for nine months at 6% simple interest per year, what is the total amount due (principal and interest) at the end of the nine months? Problem 2: If a total of $7200 interest is paid on a four-year simple-interest loan of $18,000, what is the annual interest rate? Problem 1: If a sum of $5000 is borrowed for nine months at 6% simple interest per year, what is the total amount due (principal and interest) at the end of the nine months? Problem 2: If a total of $7200 interest is paid on a four-year simple-interest loan of $18,000, what is the annual interest rate?

Answer rating: 100% (QA)

Answer Computation of Total Amount of Due for the ... View the full answer