Answered

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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 :

chandislilly
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
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