Arnold loans you $1600 and asks you to pay them back $1700 after 6 months. What was the annual percentage rate (APR) that they charged you? Give your answer as a decimal rounded to three decimal places (for example, 4.25% would be entered as 0.043 after rounding).
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Arnold loans you $1600 and asks you to pay them back $1700 after 6 months. What was the annual percentage rate (APR) that they charged you? Give your answer as a decimal rounded to three decimal places (for example, 4.25% would be entered as 0.043 after rounding).
The amount that Arnold loaned to you is $1600.
The amount you should pay back is $1700.
The time period is 6 months.
Hence, we have
Principal
Total amount to be repaid
Note that, 6 months represents a half year.
Time period in years years
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