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
Section: Chapter Questions
Problem 1PS
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Question
Daryl borrowed $5,440 for 4 years. If the loan's annual simple discount rate was 4.1%, how much did he have to return?
Expert Solution
Step 1
Amount borrowed (P) = $5,440
Time (T) = 4 years
Rate (R) = 4.1%
Total amount to be returned = Principal + Interest
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