CR Business Mathematics Section 2CR / Simple Interest / Lesson 63#7. A 180-day simple interest loan in the amount of $16, 400 will be paid in full in the amount of $16, 851. Find the interest rate of the loan. Use the banker's method, which uses 360 days in a year.All chOR=5.5%OR=6.0%OR=4.5%OR=5.0%Type here to searchF4O2:F501F6DELLF7FBF9F10PREVIOUS7 of 18Amberlyas20157F12NEXT184&105/

We need to use simple interest formula below to calculate rate of interest Simple interest =…

Answered: 7. A 180-day simple interest loan in…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

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Please eolve this question on excell and show formulas please.
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7. A 180-day simple interest loan in the amount of $16, 400 will be paid in full in the amount of $16, 851. Find the interest rate of the loan. Use the banker's method, which uses 360 days in a year. All c OR=5.5% OR=6.0% OR=4.5% OR=5.0%