A 90-day simple interest loan in the amount of $2,350 will be paid in full in the amount of $2,500.
2 answers:
The answer would be A 26 percent
Answer:
26%
Step-by-step explanation:
The amount due is ...
A = P(1 +rt)
2500 = 2350(1 +r(90/360)) . . . . using ordinary interest
2500/2350 -1 = r/4
r = 12/47 ≈ 25.53% ≈ 26%
The rate of the loan is about 26%.
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