A price tag of $1,200 is payable in 60 days but if paid within 30 days, it will have 3% discount. Find the rate of interest. Your answer

Managerial Economics: A Problem Solving Approach
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ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter5: Investment Decisions: Look Ahead And Reason Back
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A price tag of $1,200 is payable in 60 days but if paid within 30 days, it will have 3% discount. Find the rate of interest.
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