Asked by The Gibson Family on Jun 14, 2024
Verified
Indira paid interest charges of $169.05 on a $4830 invoice that was two months overdue. What monthly rate of simple interest was she charged?
Simple Interest
Interest assessed only on the base amount, or on whatever portion of the base amount has not been settled.
- Develop an understanding of how to apply simple interest in various financial environments.
- Establish the interest rate, principal, and the aggregate amount owed for loans and investments, as per simple interest calculations.
Verified Answer
MA
Learning Objectives
- Develop an understanding of how to apply simple interest in various financial environments.
- Establish the interest rate, principal, and the aggregate amount owed for loans and investments, as per simple interest calculations.