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3 years ago

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Loan Amount: $13,000 Method of payment: discount basis Amount of Interest: $625 Term of loan: 1 year Effective Rate of Interest

(to the nearest tenth) = _____. 4.8 5.1 20.8 57.7

1 answer:

Gekata [30.6K]3 years ago

3 0

<span>Loan Amount: $13,000
Method of payment: discount basis
Amount of Interest: $625
</span><span> Term of loan: 1 year
</span>
∴ Rate if interest = $\frac{Amount \ of \ Interest}{Loan \ Amount} *100$
$Rate = \frac{625}{13,000} *100 = \framebox {4.8 \%}$

So, the correct answer is option (1) 4.8
<span />

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$\boxed{\text{In point 1:} \sum ^{\infty}_{k = 1} \frac{1}{k+1} - \frac{1}{k+2} =\frac{4}{5}}$

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