Fran Borrowed $12,900 for 3 Years

question 39

Short Answer

Fran borrowed $12,900 for 3 years. The simple interest is $1161.00. Find the rate.

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Definitions:

Earned Income

Income generated from active employment and work, including wages, salaries, tips, and other compensation.

Qualifying Widow(er)

A tax filing status allowing a surviving spouse with a dependent child to use married filing jointly tax rates for up to two years after the year of their spouse's death.

Dependent Child

A child who relies on a guardian for financial support and meets certain IRS requirements for tax purposes.

Taxable Income

The amount of a person's or organization's income used to determine how much tax is owed to the government.