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1. Mr. Kane recently borrowed $15,000 from his Aunt Jemima, and he has promised to pay his aunt $5,000 per year at 15%. How long will it take Mr. Kane to pay off the entire loan from his aunt?

2. You just borrowed $1,000 from Mr. Loan Shark. Mr. Shark requires you to pay $150 per week for the next 10 weeks. What is the effective annual interest rate on this loan?

  • Finance -

    I figured I'd jump in here relatively shortly after you posted this just so you don't check back a day later and see this question.

    What have you done with these questions? Let us know so we know how to help you. Post your work and your solutions or post your question of what you don't understand in there.

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