Finance - effective rae of interest

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» Finance - effective rae of interest

Question

Jun 22, 2007, 12:31 PM

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Join Date: Jun 2007

Posts: 3

Finance - effective rae of interest

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?

Answers

Jun 22, 2007, 01:11 PM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,672	You mean 7%? Yes that is correct.

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