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

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