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%

Question

Grayson

31 May, 23:01

+5

Answers (1)

Know the Answer?

Beau Hinton · Answer 1

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

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%