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1.)Because of a clerical error, the paperwork for a loan Simon took out at Prote

ID: 2708898 • Letter: 1

Question

1.)Because of a clerical error, the paperwork for a loan Simon took out at Protection National Bank failed to list the amount he borrowed.   It did, however, specify that the term of the loan would be 100 days, simple interest would be paid at a rate of 12.63%, the interest would be calculated using bankers' rule, and the total interest would be $49.12.   How much did Simon borrow?

2.) I deposited $4,257.09 in a CD and 83 days later the value of my account had grown to $4,313.53.   What was the simple interest rate paid on my certificate?

Explanation / Answer

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