Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days.Rate (%)Principal$185,000%Time2 yearsInterest$24,050

Principal Amount = p = $185,000 Time = t = 2 years Interest amount = i = $24,050

Answered: Compute the rate (in %) for the loan.…

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

Section: Chapter Questions

Problem 1PS

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Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Principal $185,000 Rate (%) % Time 2 years Interest $24,050