Respuesta :

wolf1728
$120 for 90 days would be $480 per year
480 / 2,000 = 24 per cent annual rate
That seems a bit high to me but it could be right.
I = $120
P = $2000
T = 90days = 3 months = 1/4 yr
R = ?

I = PTR/100
⇒ 120 = 2000 * 1/4 * R/100
⇒ R = (120*100*4)/2000
⇒ R = 24%

They charged 24% interest rate annually

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