Question

The total amount of interest on a loan of $6,000 for 150 days is 210.50.Using the ordinary interest method,what is the rate of interest on this loan?Round answer to the nearest hundredth.

I know the ordinary interest method is 360 days.
My anwser is 8.42%
Could someone check this and let me know if I am correct

Jan 10, 2011

looks right, I got the same answer

I am not a tutor

Jan 10, 2011

Thank-You

Jan 11, 2011

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