Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pelican Corporation took out a nine-month $200,000 discount interest loan with a 14 percent quoted (simple) interest rate. What is the annual percentage (APR) interest
Pelican Corporation took out a nine-month $200,000 discount interest loan with a 14 percent quoted (simple) interest rate. What is the annual percentage (APR) interest ratefor the loan?
11.73%
15.64%
14.96%
15.94%
14.00%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started