Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,400 for 236 days, if the amount of interest is $355.67. (Round to nearest tenth percent.) O 4.4% O 6.6% O 10.0% O 12.7%

Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,400 for 236 days, if the amount of interest is $355.67. (Round to nearest tenth percent.) O 4.4% O 6.6% O 10.0% O 12.7%

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,400 for 236 days, if the amount of interest is $355.67. (Round to nearest tenth percent.)
O 4.4%
O 6.6%
O 10.0%
O 12.7%

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