bob borrows $500 to buy a t.v. He agrees to pay $610 in a year and a half. What annual rate of interest compounded monthly is bob charged?
回答 (1)
2015-06-16 12:26 am
You just need to solve this equation: 610 = 500 * (1 +x)^18. That gives x as the monthly rate. To find the annual rate, use (1+x)^12.
The answer is between 10% and 15%.
The answer is between 10% and 15%.
收錄日期: 2021-05-01 20:32:06
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