Mr. Jones borrows $2,000 for 90 days and pays $35 interest. What is his effective rate of interest? - 4687

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Mr. Jones borrows $2,000 for 90 days and pays $35 interest. What is his effective rate of interest? 

A) 9.3% 

B) 7.0% 

C) 11.7% 

D) None of the above 

 

Answer: B Difficulty: Medium Type: Application 

 
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