What rate of interest


Problem:

The Men's Warehouse charges 1.6 percent interest per month.

Required:

Question: What rate of interest are its credit customers actually paying?

  • 20.98 percent
  • 19.31 percent
  • 18.92 percent
  • 19.26 percent
  • 18.00 percent

Note: Show all workings.

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Finance Basics: What rate of interest
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