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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Definitions:

Ambiguous

Lacking clarity or being open to more than one interpretation; not explicitly defined.

Organizational Politics

The practice of using power and social networking within an organization to achieve changes that benefit the organization or individual.

Personal Objectives

Individual goals or targets that a person aims to achieve, which can influence their behavior and performance.

Organizational Politics

The activities and behaviors within an organization aimed at acquiring, developing, and using power and other resources to obtain one's preferred outcomes.