Multiple Choice
A $2000 loan is paid off with a payment of $800 in 50 days and a final payment of $1240 in 90 days (after date of loan) .Assuming the Merchant's rule,what simple interest rate,r,was used?
A) r ≥ 10.20%
B) 9.40% < r ≤ 10.20%
C) 8.60% < r ≤ 9.40%
D) r < 8.60%
Correct Answer:
Verified
Correct Answer:
Verified
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