Question

what is the annual interest rate for a 90-day note issued with a face value of $8,000 that will earn interest of $160?

Answer 1

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Answer 2

The annual interest rate for this note that would earn the interest of $160 is 8%.

In order to solve this problem, we have to use the interest rate formula

$InterestRate = P*R *T$

where

• P = Principal
• R= Rate
• T = Time

We divide 90 days by the total days in a year

= 90/365

= 0.2466

Principle * time

= 0.2466 * 8000 = 1972.6

The annual interest rate

= 160/1972.6

= 0.081

= 8%

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