1. Lilibeth borrowed $1,200 from her aunt to buy a book. She promised to pay her after a month. Her aunt agreed, but she asked Lilibeth to pay her back the amount of $1,350. How much interest will she pay? What is the rate of interest she will pay?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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1.
Lilibeth borrowed $1,200 from her aunt to buy a book. She promised to pay her after a month.
Her aunt agreed, but she asked Lilibeth to pay her back the amount of $1,350. How much interest
will she pay? What is the rate of interest she will pay?
Transcribed Image Text:1. Lilibeth borrowed $1,200 from her aunt to buy a book. She promised to pay her after a month. Her aunt agreed, but she asked Lilibeth to pay her back the amount of $1,350. How much interest will she pay? What is the rate of interest she will pay?
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