Jes Pisano Borrowed $4,800 for 4 Years

question 36

Short Answer

Jes Pisano borrowed $4,800 for 4 years. The maturity value of the loan was $7,084.80. What was the rate of interest charged? (Round to the nearest tenth of a percent)

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Definitions:

Indian Confederacy

An Indian Confederacy refers to an alliance or union among different Native American tribes for mutual defense, political, or social reasons, historically significant in their relations with European settlers and the U.S. government.

Coastal South Carolina

A region along the southeastern coast of the United States, known for its unique geography, culture, and history.

Slave Labor

Work exerted from individuals against their will under threat of punishment, often without pay, historically used in the context of slavery.

British Navigation Acts

A series of laws enacted by the British Parliament that regulated trade and commerce between England and its colonies.