Multiple Choice
You buy a stove for $1500 on March 20,2010.The store gives you 4 months "interest free",so on July 20,2010 you must pay the $1500.However,the store charges an administration fee of $50,to be paid today.What rate of simple interest,r,are you being charged for this "interest free" plan?
A) 9.97%
B) 10.00%
C) 10.32%
D) 10.35%
Correct Answer:
Verified
Correct Answer:
Verified
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