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Use the Ordinary Interest Method to Find the Rate of Interest

Question 88

Multiple Choice

Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,500 for 234 days, if the amount of interest is $345.67. (Round to nearest tenth percent)


A) 8.3%
B) 10.2%
C) 14.5%
D) 9.7%

Correct Answer:

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