Asked by Jasmine Norfleet on May 31, 2024
Verified
If $3,702.40 earned $212.45 interest from September 17, 2014 to March 11, 2015, what rate of interest was earned?
Interest
Interest is the cost of borrowing money, typically expressed as a percentage of the principal amount.
Rate Of Interest
The percentage of principal charged by the lender for the use of its money.
- Comprehend and utilize the principle of simple interest in diverse financial situations.
- Compute the interest rate, principal amount, and total payable sum for loans and investments utilizing simple interest methodology.
Verified Answer
EC
Learning Objectives
- Comprehend and utilize the principle of simple interest in diverse financial situations.
- Compute the interest rate, principal amount, and total payable sum for loans and investments utilizing simple interest methodology.