Posted by **Bonnie** on Monday, January 10, 2011 at 1:53pm.

The total amount of interest on a loan of $6,000 for 150 days is 210.50.Using the ordinary interest method,what is the rate of interest on this loan?Round answer to the nearest hundredth.

I know the ordinary interest method is 360 days.

My anwser is 8.42%

Could someone check this and let me know if I am correct

## Answer this Question

## Related Questions

- math - The total amount of interest on a loan of $6,000 for 150 days is $210.50...
- math - The total amount of interest on a loan of $6,000 for 150 days is $210.50...
- math - The tooal amount of interest on a loan of 6,000 for 150 days is 210.50....
- business mathmatics - the total amount on a loan of 6,000 for 150 days is 210.50...
- math - the total amount of interest on this loan of $6000 for 150 days is $210....
- Business Math - Find the amount of the principal on a loan at 6% interest for ...
- math - Jefferson Bank made a loan at 6% interest for 146 days. If the amount of ...
- math - Suppose that you took out a loan at 7% interest for 192 days. If the ...
- business mat - On September 14, Jennifer Rick went to Park Bank to borrow $2,...
- business - Catherine borrowed $19,000 on June 20, at 10% interest. If the loan ...

More Related Questions