You take out a 1-year, $5,000 loan at 8% simple annual interest. The lender charges you a $200 fee. Thinking of the fee as additional interest, what is the actual annual interest rate r you will pay? r = %
You take out a 1-year, $5,000 loan at 8% simple annual interest. The lender charges you a $200 fee. Thinking of the fee as additional interest, what is the actual annual interest rate r you will pay? r = %
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter1: Equations And Inequalities
Section1.CM: Cumulative Review Exercises
Problem 44CM: Financial Planning A college student invested part of a 25,000 inheritance at 7% interest and the...
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You take out a 1-year, $5,000 loan at 8% simple annual interest. The lender charges you a $200 fee. Thinking of the fee as additional interest, what is the actual annual interest rate r you will pay?
r = %
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