Nelda Brown Borrowed $1,420 for 120 Days to Buy Some

question 16

Short Answer

Nelda Brown borrowed $1,420 for 120 days to buy some new furniture for her office. At the due date, Nelda repaid a total of $1,448. What was the exact simple interest rate (365-day year) that she paid on the loan? (To nearest 1/10 of a percent.)

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Definitions:

Natural Disaster

A sudden and extreme event caused by natural processes of the Earth that can result in significant damage and loss.

Inward Shift

A decrease in the potential output of a good or service, often represented by a shift to the left of its supply or demand curve.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, assuming efficient use of resources.

New Technology

Innovations in techniques, tools, devices, or methods that improve efficiency, effectiveness, or utility in processes or product outputs.