Loan Amount: $13,000
Method of payment: discount basis
Amount of Interest: $625
Term of loan: 1 year
Effective Rate of Interest (to the nearest tenth): _____ %
2 answers
The correct answer is 4.8 :)
625 = x (13,000)
x = 0.048076
100 x = percent = 4.8% etc
x = 0.048076
100 x = percent = 4.8% etc
1 answer