Asked by Anonymous
Find rhe effective rate of interest on a 12,000, 120-day, 12% discounted.
Answers
Answered by
Henry
I = Po*r*t.
I = 12,000*0.12*(120/360). = $480.
r = (I/Po) = 480/12,000 = 0.04 = 4% = effective interest rate.
I = 12,000*0.12*(120/360). = $480.
r = (I/Po) = 480/12,000 = 0.04 = 4% = effective interest rate.
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