Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,700 for 236 days, if the amount of interest is $365.67.(Round to nearest tenth percent.)4.1%O 6.4%O 9.8%O 12.5%

Valley Mountain Vineyards has accepted a $5,700 loan with a 236-day term. The loan's interest cost…

Answered: Use the ordinary interest method to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) Amount Number of Financed Payments $100,000 72 Monthly Payment $2,025.50 $ Finance Charge APR %
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Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,700 for 235 days, if the amount of interest is $375.67. (Round to nearest tenth percent.) 4.1% 6.6% 10.1% 12.8%

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Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,700 for 236 days, if the amount of interest is $365.67. (Round to nearest tenth percent.) O4.1% O 6.4% O 9.8% O 12.5%