Crystalneedshelp1 Crystalneedshelp1

11-06-2020
SAT

contestada

Frank borrowed $5,000 with an annual simple interest rate. The amount of interest he owed after 6 months was $300. What is the interest rate of the loan?
A. 1%
B. 6%
C. 10%
D. 12%

Respuesta :

trannguyenkhang208 trannguyenkhang208

12-06-2020

Answer:

D. 12%

Explanation:

300 / 5,000 =0.06 x 100 =6% Interest rate for the 6-month period.

6% x 2 =12% nominal annual interest rate - ccompounded semi-annually.

Answer Link

FwtxSam FwtxSam

13-06-2020

The answer is D: 12% :D

Answer Link

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