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delenewilliams1 delenewilliams1
  • 03-01-2015
  • Mathematics
Answered

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

Verified Answer :

briemodee525 briemodee525
  • 03-01-2015

I = 1832 
P = 16000 
T = 206/365 years 
Rate of interest = [100I] / [PT] 
= [1001832] / [16000206/365] 
= 20.29% per annum

Answer Link
caitielittlep2ddz6 caitielittlep2ddz6
  • 24-03-2019

Answer:

20%

Step-by-step explanation:

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