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15.3 How to accumulate personal wealth  (Page 7/13)

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  • Card 7 / 13:
    If your receive $500 in simple interest on a loan that you made for $10,000 for 5 years, what was the interest rate you charged?

    Principal + (principal × rate × time); Interest = Principal × rate × time; $500 = $10,000 × rate × 5 years; $500 = $50,000 × rate; $500/$50,000 = rate; Rate = 1%

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Practice FlashCards 8 Key Terms 2

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Source:  OpenStax, University of houston downtown: microeconomics. OpenStax CNX. May 28, 2014 Download for free at http://legacy.cnx.org/content/col11651/1.2
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