Mr. Jones borrows $2,000 for 90 days and pays $35 interest. What is his effective rate of interest?
A) 9.3%B) 7.0%
C) 11.7%
D) None of the above
Mr. Jones borrows $2,000 for 90 days and pays $35 interest. What is his effective rate of interest?
B) 7.0%
C) 11.7%
D) None of the above