Spencer paid $90.75 interest on a $5,600.00 90-day loan. What is the loan's interest rate using the exact interest method (round to the nearest hundredth)? O a. 0.94% O b. 6.48% O c. 6.57% O d. 0.22%

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
icon
Related questions
icon
Concept explainers
Topic Video
Question
Spencer paid $90.75 interest on a $5,600.00 90-day loan. What is the loan's interest rate using the exact interest
method (round to the nearest hundredth)?
O a. 0.94%
O b. 6.48%
O c. 6.57%
d. 0.22%
e Type here to search
24
SUS
Transcribed Image Text:Spencer paid $90.75 interest on a $5,600.00 90-day loan. What is the loan's interest rate using the exact interest method (round to the nearest hundredth)? O a. 0.94% O b. 6.48% O c. 6.57% d. 0.22% e Type here to search 24 SUS
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,