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Suppose that Brittany, the CFO of MaHomes and Auto, is considering whether the company should take out a 9 0 - day loan to cover

Suppose that Brittany, the CFO of MaHomes and Auto, is considering whether the company

should take out a

90 -

day loan to cover some short

-

term expenses. She asks her intern, Patrick,

to calculate the effective rate on a loan that would require the payment of $

1, 700

in interest on

principal of $

45, 000 .

Give Patrick a hand and calculate the effective rate on the loan.

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