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Category: Homework
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my company has been offered a loan. loan amount \$19,307.00.

Resolved Question:

my company has been offered a loan. loan amount \$19,307.00. pay back amount \$28,379.36 over 10 months. what is the interest rate?
Submitted: 8 years ago.
Category: Homework
Expert:  Linda_us replied 8 years ago.

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Customer: replied 8 years ago.
Linda- The term is 10 Months not 10/12 years. Ken
Expert:  Linda_us replied 8 years ago.

Hi Ken

10 Months equal to 10/12 Year ( 1 Year eqaul 12 Months)

Regards

Linda

Expert:  Linda_us replied 8 years ago.

Since we used 10/12 year the R came out as an annually figure.

Alternatively we can use T = 10 Month the R would be a monthly figure.

I hope this helps.

Regards

Linda