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?:confused:
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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?:confused:
You mean 7%?
Yes that is correct.
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