Daniel White Borrowed $5,000 for 80 Days

question 56

Short Answer

Daniel White borrowed $5,000 for 80 days. At the due date, he paid $70 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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Definitions:

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A survey response scale that offers seven possible answers, typically ranging from one extreme attitude to another.

Measurement Scale

An organized system for assigning values to variables in order to represent quantities or qualities accurately.

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A rise in the fees charged by educational institutions for enrollment and instruction.

Measurement Scale

A system of assigning numbers or categories to entities to represent quantities or qualities of attributes.