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11 March, 17:34

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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Answers (1)
  1. 11 March, 18:32
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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
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