Question
11. Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated
11. 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 | Rate (%) | Time | Interest |
|---|---|---|---|
| $115,000 | % | 2 years | $21,850 |
13. Karen's Katering borrows $3,500, at 8.5% interest, for 240 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent.)
$195.62 $198.33 $213.94. $297.50
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Managerial accounting
Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin
1st edition
471467855, 978-0471467854
