if the interest on a note is $1,500 the interest rate is 5%
Question # 00294505
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Updated on: 05/24/2016 08:57 PM Due on: 06/23/2016
(A) if the interest on a note is $1,500 the interest rate is 5%, and the time is 90 days, what is the principal? (Assume 360 days in a year)
(b) If the principal of a note is $50,000, the interest is $1,000, and the time is 60 days , what is the interest rate? ( Assume 360 days in a year)
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Solution: if the interest on a note is $1,500 the interest rate is 5%