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-   -   Finance - effective rae of interest (https://www.askmehelpdesk.com/showthread.php?t=103481)

  • Jun 22, 2007, 01:31 PM
    angiep
    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?:confused:
  • Jun 22, 2007, 02:11 PM
    CaptainForest
    You mean 7%?

    Yes that is correct.

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