In the basic formula for calculating interest,rate refers to:
A)percent per day.
B)percent per year.
C)percent per quarter.
D)percent per month.

Name: In the basic formula for calculating interest,rate refers to: A)percent per day. B)percent per year. C)percent per quarter. D)percent per month.
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Quizplus · Accepted Answer

The basic formula for calculating interest is I = P x R x T, where R is the rate of interest per year. Therefore, rate refers to percentage per year in this formula.

In the Basic Formula for Calculating Interest,rate Refers To