Current Attempt in Progress
On May 15, Windsor Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the
year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $420.
(a)
Your Answer
Correct Answer
Your answer is correct.
Determine the amount borrowed by Windsor. (Round intermediate calculations to 6 decimal places,
e.g. 1.251241 and final answer to 0 decimal places, e.g. 125.)
Amount borrowed by Windsor
$
15750
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Solution
List of Accounts
(b)
Your answer is incorrect.
Assume the amount borrowed was $15,600. What was the interest rate if the amount of interest owed was $572?
(Round intermediate calculations to 6 decimal places, e.g. 1.251241 and final answer to 0
decimal places, e.g. 152.)
Interest Rate
3.666667
%
eTextbook and Media
List of Accounts
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