Lars Was Charged 10

question 118

Short Answer

Lars was charged 10.5% interest and paid $475 interest on a simple interest loan for 30 days from his local bank. How much did he borrow? Use exact interest. (Round to the nearest cent)

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Definitions:

Same-Sex Marriage

The legally recognized union between two individuals of the same sex, affording them the same rights and obligations as heterosexual marriage.

Recognized

Acknowledged or given formal acceptance as valid, legitimate, or worthy of attention.

Charter Banks

Financial institutions founded and operating under a charter or authority granted by a governmental or regulatory body, often with specific objectives or operations.

Concurrent Power

Powers in federal systems that are shared by both the state governments and the federal government.