What interest rate was applied for ₱16,400 to earn interest of ₱3,600 invested for 650 days using exact interest?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...
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What interest rate was applied for ₱16,400 to earn interest of ₱3,600 invested for 650 days using exact interest?
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