Use the Ordinary Interest Method to Find the Rate of Interest

question 78

Multiple Choice

Use the ordinary interest method to find the rate of interest that Make Over Picture Photo pays on a loan of $8,000 for 285 days, if the amount of interest is $590.00. (Round your answer to the nearest tenth percent)

• A) 9.3%
• B) 9.1%
• C) 9.0%
• D) 8.1%

---

Definitions:

Action Planning

A process by which goals are set and strategies are developed for accomplishing the objectives.

Career Development

The ongoing process of managing one's work life, including choice of occupation, career changes, and professional growth.

Protean Career

A career that frequently changes based on changes in the person's interests, abilities, and values and in the work environment.

Development

The acquisition of knowledge, skills, and behaviors that improve an employee's ability to meet changes in job requirements and in customer demands.