Asked by Eddie Pinto on May 31, 2024
Verified
Sharon's $9,000 term deposit matured on March 16, 2014. Based on a simple interest rate of 3.75%, she received $110.96 in interest. On what date did she originally make the term deposit?
Simple Interest Rate
An interest calculation method where the interest charge is based on the original principal amount, without compounding.
Interest
The cost of borrowing money or the payment received for lending money, usually expressed as an annual percentage of the principal amount.
- Compute the ultimate values of investments, factoring in predetermined interest rates and time frames.
Verified Answer
KK
Learning Objectives
- Compute the ultimate values of investments, factoring in predetermined interest rates and time frames.