What is the annual interest rate if a simple interest loan of $10,000 for 4 years charges a total of $2,800 interest? The loan is repaid with a single payment at the end of year 4 Select one: a. cannot be determined from the information given b. 7% c. 28% d. i such that 12800= 10000(F/P,i,4)

What is the annual interest rate if a simple interest loan of $10,000 for 4 years charges a total of $2,800 interest? The loan is repaid with a single payment at the end of year 4 Select one: a. cannot be determined from the information given b. 7% c. 28% d. i such that 12800= 10000(F/P,i,4)

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 20P

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Tabular listing has many advantages ranging from time management to efficient scheduling of tasks. Electronic spreadsheets allow the user to tabulate and analyze data, using its easy-to-use interface. An electronic spreadsheet is a staple application used among accountants, management staff, and IT professionals. It is used in various sectors worldwide for data management. An electronic spreadsheet is a system and computer software that could be used to do numerical computations automatically. Spreadsheet application programs are often organized as a table with rows and columns. Each row and column intersect to form a cell, which may be used to store data. These data can take the form of a written label, a number, or a formula that combines information from other cells.

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What is the annual interest rate if a simple interest loan of $10,000 for 4 years charges a total of
$2,800 interest? The loan is repaid with a single payment at the end of year 4
Select one:
a. cannot be determined from the information given
b. 7%
c. 28%
d. i such that 12800= 10000(F/P,i,4)

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