Mathematics, 23.10.2020 23:20 ivethzurita0425

Jo borrowed $4750 for 8 months from a bank. The bank discounted the loan at 3.5 a. How much interest did Jo pay the bank for the use of its money?
b. How much did he receive from the bank?
c. What was the actual rate of interest he paid?

Answers: 3

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Jo borrowed $4750 for 8 months from a bank. The bank discounted the loan at 3.5 a. How much interes...

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Jo borrowed $4750 for 8 months from a bank. The bank discounted the loan at 3.5 a. How much interest did Jo pay the bank for the use of its money? b. How much did he receive from the bank? c. What was the actual rate of interest he paid?

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Another question on Mathematics

Jo borrowed $4750 for 8 months from a bank. The bank discounted the loan at 3.5 a. How much interest did Jo pay the bank for the use of its money?
b. How much did he receive from the bank?
c. What was the actual rate of interest he paid?