Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

12. 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,

12. 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 $355.67. (Round to nearest tenth percent.)

4.1%. 6.2% 9.6%. 12.3%

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investments

Authors: Zvi Bodie, Alan J. Marcus, Alex Kane

6th Edition

0072861789, 9780072861785

More Books

Students also viewed these Finance questions