Borrowed $5,000 at a simple interest rate of 10% p.a. and charged interest of $600. What is the time period of the loan? | = P x r x t STEP-BY-STEP Isolate t time period years Round your final answer to two decimal places.
Borrowed $5,000 at a simple interest rate of 10% p.a. and charged interest of $600. What is the time period of the loan? | = P x r x t STEP-BY-STEP Isolate t time period years Round your final answer to two decimal places.
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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
Transcribed Image Text:Borrowed $5,000 at a simple interest rate of 10% p.a. and
charged interest of $600.
What is the time period of the loan?
| = P x r x t
STEP-BY-STEP
Isolate t
......
time period =
years
Round your final answer
to two decimal places.
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