Question 1083195: The principal is 5,700
Term is 60 days
Interest $95
What would the interest rate be.
Answer by Boreal(15235)   (Show Source):
You can put this solution on YOUR website! Using 360 day year, which some do.
I=prt
95=5700*r*(1/6)=950r
r=95/950=10%
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Using a 365 day year, 95=5700*60/365)*r
r=95/936.99
=10.14%
given the 10% answer, the problem probably wants a 360 day year.
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