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Assuming You Were Charged Simple Interest on a Loan of $4,900

question 72

Multiple Choice

Assuming you were charged simple interest on a loan of $4,900 which requires you to repay in one year $5,292, what rate of interest would you be charged? (Round interest rate to the nearest hundredth percent if necessary.)

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Definitions:

United Nations

An international organization founded in 1945 to promote world peace, security, and cooperation among its member countries.

Headquarters

The main office or center of operations of an organization or company, where key managerial and administrative activities are coordinated.

New York

A state in the northeastern U.S., known for New York City and its status as a cultural and financial hub.

North Atlantic Treaty

An agreement that established the North Atlantic Treaty Organization (NATO), a military alliance designed for collective defense against aggression.

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