:Answer the following problem. Write all the given data, formula, solutions and requirements. 1. Mr. Robles got a $1500.00 loan for 2 years. He paid $80 in interest.What was the interest rate?

Here P(principal) is $1500 and time(t) is 2 years. A(amount to be payed back) is the sum of P and…

Answered: 1. Mr. Robles got a $1500.00 loan for 2…

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Economics

1. Mr. Robles got a $1500.00 loan for 2 years. He paid $80 in interest. What was the interest rate? *

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

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:Answer the following problem. Write all the given data, formula, solutions and requirements.

1. Mr. Robles got a $1500.00 loan for 2 years. He paid $80 in interest.
What was the interest rate?

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