Find the Rate

question 75

Multiple Choice

Find the rate. Round to the nearest tenth of a percent.
-Principal: $35,000 Time: 60 days
Interest: $548

• A)9.4%
• B)1.6%
• C)9.5%
• D)16.0%

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Definitions:

Right Of Survivorship

A feature of some types of co-ownership of property causing a co-owner’s interest in property to be transferred on his death immediately and by operation of law to his surviving co-owner(s). See also tenancy by the entirety and joint tenancy.

Tenancy In Common

A form of co-ownership of property that is freely disposable both during life and at death, and in which the co-owners have undivided interests in the property and equal rights to possess the property.

Right Of Survivorship

A legal principle in property law where, upon the death of one owner, the ownership interest of the deceased automatically transfers to the surviving owner(s) without the need for probate.

Community Property

A form of ownership between spouses in which property acquired during marriage is owned equally by both parties.