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    angiep's Avatar
    angiep Posts: 2, Reputation: 1
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    #1

    Jun 22, 2007, 01:31 PM
    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:
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Jun 22, 2007, 02:11 PM
    You mean 7%?

    Yes that is correct.
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