Interest on a loan of 6000 for 150 days is 210.50 using the ordinary interest method what is the rate of interest on this loan round your answer to the nearest hundredth?

Answer 1

you take 210.50 divide it by 6000 which gives you .0350833. Then multiply it by 100, which gives you 3.50833 after that you divide by 150 days which gives you .0233888 and then multiply by 365 which gives you 8.536912 but leave it to the nearest hundredths

8.54%