[Answered] What is the interest rate on a 240-day loan for 3,000 which accrues 220 in ordinary simple interest? ...

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Author Question: What is the interest rate on a 240-day loan for 3,000 which accrues 220 in ordinary simple interest? ... (Read 184 times)

danielfitts88

Hero Member
Posts: 535

on: Jun 24, 2018

What is the interest rate on a 240-day loan for 3,000 which accrues 220 in ordinary simple interest?
A) 9
B) 10
C) 11
D) 12

Question 2

What is the maturity value of a 6-month loan for 2,500 at 13 ordinary simple interest?
A) 2,642.47
B) 2,662.50
C) 160.27
D) 162.50

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ASDFGJLO

Sr. Member
Posts: 335

Reply #1 on: Jun 24, 2018

Answer to Question 1

C

Answer to Question 2

B

danielfitts88

Member
Posts: 535

Reply 2 on: Jun 24, 2018

Thanks for the timely response, appreciate it

scikid

Member
Posts: 300

Reply 3 on: Yesterday

YES! Correct, THANKS for helping me on my review

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