lventura410 lventura410

11-03-2015
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.

A20%
B2%
C12%
D10%

Verified Answer :

chandislilly chandislilly

11-03-2015

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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