Finance

angiep · #1 Jun 22, 2007, 01:31 PM

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

The answer I got was $7.0%...is that correct?

CaptainForest · Jun 22, 2007, 02:11 PM

You mean 7%?

Yes that is correct.



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