Find the Rate

question 93

Multiple Choice

Find the rate. Round to the nearest tenth of a percent.
-Principal: $6,500 Time: 120 days
Interest: $249.17

• A)11.5%
• B)7.6%
• C)11.7%
• D)3.8%

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Definitions:

Cash Receipts Journal

A specialized accounting journal used to record all cash inflows of a business, including sales and debt collections.

Headings

Titles or captions of sections of a document or article, designed to introduce new sections and help readers understand the structure and content.

Purchases Journal

A dedicated journal used to record all purchases of goods and services on credit, aiding the management of accounts payable.

Headings

Short titles or captions used to identify sections of a document or to introduce topics.