Determine the amount borrowed by Wild Quest

Reference no: EM131830751

Question: On May 15, Wild Quest Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $480. Instructions

(a) Determine the amount borrowed by Wild Quest.

(b) Independent of your answer in part (a), assume the amount borrowed was $18,500. What was the interest rate if the amount of interest owed was $555?

Reference no: EM131830751

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