Kyle Winston Borrowed $4,000 for 90 Days

question 57

Short Answer

Kyle Winston borrowed $4,000 for 90 days. At the due date, he paid $75 interest and repaid all of the principal. What was the ordinary simple interest rate (360-day year) that was charged on the loan? (To nearest 1/10 of a percent.)

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Methodological Strategy

An approach or plan of action for conducting research, including the methods used for data collection and analysis.

Generalizability

The extent to which research findings can be applied to broader populations or different contexts beyond the original study setting.

Credibility

The quality of being trusted and believed in, often based on a track record of reliability and authenticity.

Specificity

The ability of a test or procedure to correctly identify those without the condition or trait being tested for, minimizing false positives.