Question: Save A loan for $ 2 , 0 0 0 with a simple annual interest rate of 1 6 % was made on November 2

Save
A loan for $2,000 with a simple annual interest rate of 16% was made on November 20 and was due on January 24.
equential Numbers for Dates of the Year
\table[[6,6,37,65,96,126,157,187,218,249,279,310,340],[7,7,38,66,97,127,158,188,219,250,280,311,341],[8,8,39,67,98,128,159,189,220,251,281,312,342],[9,9,40,68,99,129,160,190,221,252,282,313,343],[10,10,41,69,100,130,161,191,222,253,283,314,344],[11,11,42,70,101,131,162,192,223,254,284,315,345],[12,12,43,71,102,132,163,193,224,255,285,316,346],[13,13,44,72,103,133,164,194,225,256,286,317,347],[14,14,45,73,104,134,165,195,226,257,287,318,348],[15,15,46,74,105,135,166,196,227,258,288,319,349],[16,16,47,75,106,136,167,197,228,259,289,320,350],[17,17,48,76,107,137,168,198,229,260,290,321,351],[18,18,49,77,108,138,169,199,230,261,291,322,352],[19,19,50,78,109,139,170,200,231,262,292,323,353],[20,20,51,79,110,140,171,201,232,263,293,324,354],[21,21,52,80,111,141,172,202,233,264,294,325,355],[22,22,53,81,112,142,173,203,234,265,295,326,356],[23,23,54,82,113,143,174,204,235,266,296,327,357],[24,24,55,83,114,144,175,205,236,267,297,328,358]]
Sequential Numbers for Dates of the Year
\table[[6,6,37,65,96,126,157,187,218,249,279,310,340],[7,7,38,66,97,127,158,188,219,250,280,311,341],[8,8,39,67,98,128,159,189,220,251,281,312,342],[9,9,40,68,99,129,160,190,221,252,282,313,343],[10,10,41,69,100,130,161,191,222,253,283,314,344],[11,11,42,70,101,131,162,192,223,254,284,315,345],[12,12,43,71,102,132,163,193,224,255,285,316,346],[13,13,44,72,103,133,164,194,225,256,286,317,347],[14,14,45,73,104,134,165,195,226,257,287,318,348],[15,15,46,74,105,135,166,196,227,258,288,319,349],[16,16,47,75,106,136,167,197,228,259,289,320,350],[17,17,48,76,107,137,168,198,229,260,290,321,351],[18,18,49,77,108,138,169,199,230,261,291,322,352],[19,19,50,78,109,139,170,200,231,262,292,323,353],[20,20,51,79,110,140,171,201,232,263,293,324,354],[21,21,52,80,111,141,172,202,233,264,294,325,35

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!