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lotusflwr lotusflwr
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10 months ago
You attend the local payday store and ask how much a two-month loan would cost. You wish to borrow $500 and are advised they charge an administration fee of $25. If the total amount owed after two months is $545.83, what simple interest rate was charged? (There is no interest charged on the $25 administration fee.)

▸ 12.5%

▸ 17.5%

▸ 22.5%

▸ 27.5%

▸ 25.0%
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
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9quatroquatro99quatroquatro9
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10 months ago
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Thanks
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You make an excellent tutor!
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This site is awesome
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