Asked by Sonia Nelson on Jun 07, 2024
Verified
Umberto borrowed $7,500 from Delores on November 7, 2013. When Umberto repaid the loan, Delores charged him $190.02 interest. If the rate of simple interest on the loan was 6.75%, on what date did Umberto repay the loan?
Simple Interest
Interest calculated only on the principal amount, not on the interest that has been added over time.
Repay
The act of paying back money that was borrowed from a person or institution.
- Gain proficiency in leveraging the principle of simple interest in numerous financial settings.
- Determine the interest rate, initial loan or investment amount, and the complete amount owed by applying the principles of simple interest.
Verified Answer
AN
Learning Objectives
- Gain proficiency in leveraging the principle of simple interest in numerous financial settings.
- Determine the interest rate, initial loan or investment amount, and the complete amount owed by applying the principles of simple interest.