Source: Revised GRE PDF 2nd Ed. Section 5; #13 (p. 79)

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A business owner obtained a $6,000 loan

A business owner obtained a $6,000 loan at a simple annual interest rate of r percent in order to purchase a computer. After one year, the owner made a single payment of $6,840 to repay the loan, including the interest. What is the value of r ? 7.0, 8.4, 12.3, 14.0, 16.8

1 Explanation

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Gravatar Chris Lele, Magoosh Tutor

Sep 27, 2012 • Comment

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