Financing Word Problem - HELP

Question

Gordon has a Canada Savings Bond that pays $150 in simple interest each year. The annual interest rate is 4.75%. What principal did Gordon invest in the bond?

Salih O. · Accepted Answer

x = 150/0.0475 = $ 3157.89

Deanna L. · Answer

this is a matter of annual interest at 4.75r for interest payment of 150 or .0475x equals 150. solve for x..hope that helps.

Financing Word Problem - HELP

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Financing Word Problem - HELP

2 Answers By Expert Tutors

Still looking for help? Get the right answer, fast.

OR

RELATED TOPICS

RELATED QUESTIONS

Gen is interested in seeing how the money grows. Her mom suggests that she take the money in her piggy bank....

Find the equivalent rate of interest for a discount rate of 7.5% for 60 days.

how long would it take to pay off a loan of $2,900 at 11% discount when the bank charges $638?

Micheal wants his $3,200 to grow to $4,500 in 3 years. He has a saving account paying simple interest on savings.

Suppose you were given $1000 from your uncle. You deposited that money in a bank and added $70 per month..

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