Morgan Loaned $3,100 to Rolf at a Simple Interest Rate

question 22

Short Answer

Morgan loaned $3,100 to Rolf at a simple interest rate of 0.65% per month. What was the term of loan if the total interest came to $221.65?

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Definitions:

Raw Materials

The basic materials that are processed and converted through manufacturing into finished goods.

Factory Utilities

Costs incurred for utilities in a manufacturing setting, such as electricity, gas, and water, essential for production operations.

Gross Profit

Monetary gain made after subtracting the cost of goods sold from total sales revenue, indicating the efficiency of a company's core business activities without including overhead costs.

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, typically a fiscal quarter or year, to calculate the net income or loss.