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A loan of $5000 is taken for 3 years at a certain rate of interest. If the true

Practice Questions

Q1
A loan of $5000 is taken for 3 years at a certain rate of interest. If the true discount is $600, what is the rate of interest?
  1. 4%
  2. 5%
  3. 6%
  4. 7%

Questions & Step-by-Step Solutions

A loan of $5000 is taken for 3 years at a certain rate of interest. If the true discount is $600, what is the rate of interest?
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