Answers

2014-09-16T20:58:15+08:00
Let ā€˜nā€™ be the number of interest periods. Thus, on the basis of 1 year (12 mos.), the interest period will be
n = 4/ 12 = 1/3
the rate of interest given by the formula
i = I/Pn = 265/[15000(1/3)] = 0.053 x 100 = 5.3 %
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