Use the ordinary interest method to find the rate of interest that Make Over Picture Photo pays on a loan of $8,000 for 265 days, if the amount of interest is $540.00. (Roundyour answer to the nearest tenth percent.)O 8.0%O 8.9%O 9.0%O 9.2%

Principal Amount = p = $8000 Time = t = 265 days Interest Amount = i = $540

Answered: Use the ordinary interest method to…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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Use the ordinary interest method to find the rate of interest that Make Over Picture Photo pays on a loan of $8,000 for 265 days, if the amount of interest is $540.00. (Round your answer to the nearest tenth percent.) O 8.0% O 8.9% O 9.0% O 9.2%