rachel received a demand loan for $8795 fromher bank on january 30 2011 at 5.13% p.asimple interest on march 24 2011 the interestrate on tge loan changed to 6.06% pa andrachel settled the loan on july 16 2011 cal. thetotal interest paid on the loan

Given:- Principal Amount = $8795 r1 = Rate of Interest from Jan 30 to Mar 24 = 5.13% = 0.0513 r2 =…

Answered: rachel received a demand loan for $8795…

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 5FPE

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rachel received a demand loan for $8795 from her bank on january 30 2011 at 5.13% p.a simple interest on march 24 2011 the interest rate on tge loan changed to 6.06% pa and rachel settled the loan on july 16 2011 cal. the total interest paid on the loan