Jeff Was Charged 10% Interest and Paid $175 Interest on a Simple

question 46

Short Answer

Jeff was charged 10% interest and paid $175 interest on a simple interest loan for 2 months from his bank. How much did he borrow?

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Definitions:

Scarcity

The primary economic challenge is the existence of boundless human demands and necessities within a finite supply of resources.

Technology Advances

Progressive developments and improvements in technology that enhance productivity, efficiency, and the quality of goods and services.

Production Possibilities Curve

A graph that shows the maximum quantity of one good that can be produced for each possible quantity of another good produced, illustrating the trade-offs and opportunity costs of production choices.

Inefficiently

A descriptor for processes or activities that do not use resources in the best possible way, resulting in wasted effort or energy and not achieving maximum productivity.