Von hayek's kayaks can borrow $12,500 for 60 days at a cost of $220 interest. what is the effective rate of interest?

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asked Feb 23, 2018 82.3k views

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PickBoy · Answer 1 · 2018-02-28T07:11:48+0000

The principal amount is $12,500. From the above statement the interest for two months is $220. And the annual interest is 1320. This is 10.56% of the principal amount. So the rate of interest in 10.56

Von hayek's kayaks can borrow $12,500 for 60 days at a cost of $220 interest. what is the effective rate of interest?

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