RKI Instruments borrowed $4,800,000 from a private equity firm for expansion of its facility for manufacturing carbon monoxide monitors. The company repaid the loan after 1 year with a single payment of $5,184,000. What was the interest rate on the loan?

What will be an ideal response?


i = [(5,184,000 – 4,800,000)/4,800,000]*100% = 8% per year

Philosophy & Belief

You might also like to view...

Which of the following approaches to ethics education is partly based on the assumptions underlying ethical subjectivism?

A. values clarification B. moral indoctrination C. the Socratic method D. moral minimalism

Philosophy & Belief

Answer the following statement(s) true (T) or false (F)

In "Some dogs are mammals," the subject term is distributed.

Philosophy & Belief

Which event was not associated with early Renaissance thought, but came later than the rest?

a. the rediscovery of Plato’s dialogues b. the scientific revolution c. a revival of the classical style in literature d. the rise of new techniques and new themes in art

Philosophy & Belief

Unlike Hegel, Nietzsche was highly suspicious of:

a. The influence of history on truth. b. The influence of the State on the individual. c. The influence of Hume on Kant. d. The influence of utilitarianism on Christianity. e. The influence of reason on truth.

Philosophy & Belief