b How to Develop a Code × connections.fscj.edu-N × Announcements-Fall 2 ×M Assig

Question

b How to Develop a Code × connections.fscj.edu-N × Announcements-Fall 2 ×M Assignment 4-Ch 8 & 9x ezto.mheducation.com/hm.tpx Assignment 4- Ch 8 &9 instructions I help Question 2 (of 20) a Save & Exit Submit 2. 2.00 points value: Problem 8-5 Effective rate of interest [L08-2 A pawnshop will lend $2,500 for 45 days at a cost of S35 interest. What is the effective rate of interest? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest Hints References eBook & Resources Hint#1 Check my work EN I-ital.) 9/26/2017 1040 AM

Explanation / Answer

The interest of 35 dollars for 2500 dollars principal for one year means 12 months. So for 1 month 35/12= 2.91 dollars for 30 days so for 15 days = 1.4583 dollars... So for 45 days 2.91 dollars + 1.4583 = 4.374 dollars for 45 days

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