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If someone could help me set up the formula for this I would appreciate it...
7. John borrowed $1,000.00 discounted at 10% for six months.
7a. How much did he receive when the loan was made?
7b. What annual rate of interest is he paying for the money actually received?
School problem??
You should have already covered the answer in class..
a) probably 1000 - since thats the starting loan
b) 20%? I dunno... 6 months = half year .. 10% on it... What... Oh yeah I think I failed this bit at school
Go read your textbook... all the answers are there... either that or get close to the brain of the class... and copy :)
Oh the days when you couldn't answer it and frantically copied the answer from someone else (sigh)... memories :)
Vince