The Simple Interest Rate on a $5,000 Loan Is 7

question 242

Short Answer

The simple interest rate on a $5,000 loan is 7%. The loan is to be repaid by four equal payments on dates 100, 150, 200, and 250 days from the date on which the loan was advanced. What is the amount of each payment?

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Definitions:

Understand the World

The process of comprehending or making sense of the environment and society around one.

Resourcefulness

The ability to find quick and clever ways to overcome difficulties or challenges.

Wechsler

Refers to a series of standardized tests used to assess human intelligence, developed by psychologist David Wechsler.

Emotional Intelligence

The capacity to be aware of, control, and express one's emotions, and to handle interpersonal relationships judiciously and empathetically.