Gene milton borrowed a sum of 5000 from his uncle ben and


Gene Milton borrowed a sum of $5,000 from his uncle Ben and after three years paid a sum of $5,000 and paid another $1000 after 4 years to pay off the loan.

Determine the interest rate Gene paid if the payments were based on yearly compounding.

Show all work please

Solution Preview :

Prepared by a verified Expert
Macroeconomics: Gene milton borrowed a sum of 5000 from his uncle ben and
Reference No:- TGS02169680

Now Priced at $10 (50% Discount)

Recommended (98%)

Rated (4.3/5)