Question

with a interest of 1,832.00 and a principal of 16,000 for 206 days, what is the rate using the ordinary interest method?

Answer 1

A = total cost = interest + principal

A = P(1+i)^n

A/P = (1+i)^n

n rt(A/P) = 1+i

n rt(A/P) - 1= i

Answer 2

if we have a daily interest rate of i, then we have a yearly rate of 360i
365i depending on what part of the world you are in

Answer 3

what formula are you supposed to use again?