5. A $200 loan is offered with an annual simple interest rate of 6 percent. How much would the borrower owe if the loan is repaid after two years? A. $200 B. $224 C. $224.72 D. $212
5. A $200 loan is offered with an annual simple interest rate of 6 percent. How much would the borrower owe if the loan is repaid after two years? A. $200 B. $224 C. $224.72 D. $212
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...
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5. A $200 loan is offered with an annual simple interest rate of 6 percent. How much would the borrower owe if the loan is repaid after two years?
A. $200
B. $224
C. $224.72
D. $212
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