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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.
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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.

User Runa
by
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2 Answers

3 votes

Answer:

20%

Explanation:

User Hovnatan
by
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5 votes
I = 1832
P = 16000
T = 206/365 years
Rate of interest = [100*I] / [P*T]
= [100*1832] / [16000*206/365]
= 20.29% per annum
User Tim Hettler
by
8.1k points
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