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Suppose Joe lends Maxine $ 750 for the year. At the end of the year, Maxine repays Joe the $ 750 plus an additional payment
Suppose Joe lends Maxine $ 750 for the year. At the end of the year, Maxine repays Joe the $ 750 plus an additional payment of $112.50 for the use of Joe's money during the year.
Assuming there is no inflation during the year, what is the interest rate Maxine pays Joe?
Select one:
a.115%
b.1.5%
c.15%
d.0.15%
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