Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller

Exercise 98

INVENTORY PURCHASE Forest Nursery needs to borrow $9500 on February 1 to buy additional inventory and will repay the loan on July 15. Interest charges for State Bank and First National Bank are $480 and $443.60, respectively. Find the rate for (a) the State Bank loan _____________and (b) the First National Bank loan. _____________