Westonci.ca offers quick and accurate answers to your questions. Join our community and get the insights you need today. Experience the convenience of getting accurate answers to your questions from a dedicated community of professionals. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.


With interest of $1,832.00 and a principal of $16,000 for 206 days, use the ordinary interest method to determine the rate.


A. 20%
B. 2%
C. 12%
D. 10%




Sagot :

I = 1832 
P = 16000 
T = 206 / 365 years 
Rate of interest = [100 x I] / [P x T] 
= [100 x 1832] / [16000 x 206 / 365] 
= 20.29% per annul