Dec 2, 2011 #1 F Free Member Joined Aug 10, 2008 Messages 39 Reaction score 0 Points 6 I borrowed $16,000 on a 9.5% discounted loan for a period of 2 years. What is the loan's discount, the net amount of money I receive, and the loan's actual interest rate to the nearest tenth of a percent?
I borrowed $16,000 on a 9.5% discounted loan for a period of 2 years. What is the loan's discount, the net amount of money I receive, and the loan's actual interest rate to the nearest tenth of a percent?