Suppose Fred borrowed $5,540 for 20 months and Joanna borrowed $4,969. Fred's loan used the simple discount model with a
Posted: Wed Jul 06, 2022 11:48 am
Suppose Fred borrowed $5,540 for 20 months and Joanna borrowed$4,969.
Fred's loan used the simple discount model with an annual rateof 7.3% while Joanne's loan used the simple interest model with anannual rate of 2.9%.
If their maturity values were the same, how many months wasJoanna's loan for?
Round your answer to the nearest month.
Fred's loan used the simple discount model with an annual rateof 7.3% while Joanne's loan used the simple interest model with anannual rate of 2.9%.
If their maturity values were the same, how many months wasJoanna's loan for?
Round your answer to the nearest month.