Determine the interest rate using banker-s rule
$54.70 is required to repay a loan of $36.00 in 105 days. Using Banker's Rule (t=exact days/360), determine the interest rateexpressed as a percent and rounded correctly to 2 decimal placesused to settle the debt.
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Read question 3 scenario from your text, chapter 8 page 310, then complete the shaded areas of the following table. After completing the table, answer the questions that follow.
Using Banker's Rule (t=exact days/360), determine the interest rate expressed as a percent and rounded correctly to 2 decimal places used to settle the debt.
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