Tuesday 12 June 2012

Mr. Jones borrows $2,000 for 90 days and pays $35 interest. What is his effective rate of interest?

Mr. Jones borrows $2,000 for 90 days and pays $35 interest. What is his effective rate of interest?
A) 9.3%
B) 7.0%
C) 11.7%
D) None of the above


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