Nathan Edwards Borrowed $2,500 for 60 Days to Buy New

question 62

Short Answer

Nathan Edwards borrowed $2,500 for 60 days to buy new clothes after an apartment fire. From his insurance proceeds, Nathan repaid a total of $2,531.25, principal and interest. Compute the ordinary simple interest rate (360-day year) that was charged. (To nearest 1/10 of a percent.)

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Definitions:

Independence

The state or quality of being self-governing and not subject to external control or authority.

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A volatile, flammable liquid that is the active ingredient in drinks such as beer, wine, and liquor, produced by the fermentation of sugars.

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The transatlantic trade of enslaved African people to the Americas from the 16th to the 19th century, a central part of the global economic system of the time.

African Politics

The study and practice of political phenomena in Africa, focusing on the various political systems, governance, conflicts, and democratization processes across the continent.