A Man Borrowed $9000 for Four Years Under Simple Interest

question 25

Short Answer

A man borrowed $9000 for four years under simple interest. At the end of the four years his balance due was $11,160. What annual simple interest rate did he pay?

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Definitions:

Immigration Paperwork

Documents and forms required for a person to legally immigrate and reside in a new country.

Legal Undertaking

A formal promise or agreement, often legally binding, to perform a specific act or adhere to certain conditions.

Chinese Exclusion Act

A historical law enacted by the United States Congress in 1882 that prohibited the immigration of Chinese laborers.

Komagata Maru

A 1914 incident in which a ship carrying Sikh, Muslim, and Hindu passengers was denied entry into Canada due to discriminatory immigration policies.