Asked by sarah
Loan Amount: $15,000
Method of payment: discount basis
Amount of Interest : $650
Term of loan: 1 year
Effective Rate of Interest (to the nearest tenth):
I tried to work this out but I got it completely WRONG !!
Method of payment: discount basis
Amount of Interest : $650
Term of loan: 1 year
Effective Rate of Interest (to the nearest tenth):
I tried to work this out but I got it completely WRONG !!
Answers
Answered by
Ms. Sue
Interest = principal * rate * time
650 = 15,000 * r * 1
650 = 15,000r
650/15,000 = r
0.04333 = 4.3% = r
650 = 15,000 * r * 1
650 = 15,000r
650/15,000 = r
0.04333 = 4.3% = r
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