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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. A. 20% B. 2% C. 12% D. 10%
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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.

A. 20%
B. 2%
C. 12%
D. 10%

User Shahram Kalantari
by
8.4k points

1 Answer

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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
User Guilherme Chiara
by
8.1k points
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