Question

With interest of $1,832.00 and a principal of $16,000 for 206 days, using the ordinary interest method, the rate is:

Answer 1

The interest of $1,832.00 the principle of $16,000 for 206 days user the ordinary interest methods to determine the rate. I=Prt 1,832=16,000*206/360*r 1,832=9,155.555556*r r=1,832/9,155.555556 r=0.20 = 20% The rate of the interest is ----------->  20%.