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What is the annual rate of interest being charged on a 9 month note

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What is the annual rate of interest being charged on a 9-
month note receivable of $59,000 if the total interest is
$3,540?
8%
12%
6%
10%
What is the annual rate of interest being charged on a 9-
month note receivable of $59,000 if the total interest is
$3,540?
8%
12%
6%
10%
Solution
Calculation of rate of interest:
Let rate of interest = X
Interest = Principal* X % * 9/12
3540 = 59000* X% *9/12
X = 8%

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What is the annual rate of interest being charged on a 9 month note receivable of $59,000 if the total interest is $3,540? 8% 12% 6% 10% What is the annual rate of interest being charged on a 9 month note receivable of $59,000 if the total interest is $3,540? 8% 12% 6% 10% Solution Calculation of rate of interest: Let rate of interest = X Interest = Principal* X % * 9/12 3540 = 59000* X% *9/12 X = 8% Name: Description: ...
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