Register
Four years ago, Spencer borrowed money from his cousin who charged him simple interest. If Spencer paid his cousin back $62, what was the interest rate? Could you have figured this out if the interest
32.0k views
1 vote
Four years ago, Spencer borrowed money from his cousin who charged him simple interest. If Spencer paid his cousin back $62, what was the interest rate? Could you have figured this out if the interest rate was compounded instead?​

User Hugo Matilla
by
7.3k points

1 Answer

3 votes

Answer: Municipal Bank will charge him 8% simple interest

Explanation:

User SND
by
7.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

8.3m questions

10.9m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!