Register
John borrows $2,500 from his dad, who feels it is best to charge him interest. Six months later, John repays his dad the loan plus interest, a total of $2,588. What was the annual interest rate on the
94.3k views
3 votes
John borrows $2,500 from his dad, who feels it is best to charge him interest. Six months later,

John repays his dad the loan plus interest, a total of $2,588. What was the annual interest rate on
the loan?

User Sumit Surana
by
4.3k points

1 Answer

3 votes

Answer:

the answer is 7.04 percent

User Andrepaulo
by
3.6k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

4.4m questions

5.7m answers

Other Questions

Before beginning voice lessons, Aubrey already knew how to sing 357 pieces, and she expects to learn 2 new pieces during each week of lessons. After 78 weeks of voice lessons, how many pieces will Aubrey
A study was completed in Florida. In southern Florida, the study involved 3,000 patients; 54% of them experienced flulike symptoms during the same month. The study had a margin of error of 1.8%. What does
Solve for x in the equation 3 x squared minus 18 x + 5 = 47. (I need this to be an answer like X=3+\_ square root 23)
Can someone help me plz I have to Turn 27/9 in simplest
What value of x makes the following true? 2(x + 10) = 4( 2x - 1)
Link Copied!