The annual $3,600 membership fee at the Oak Meadows Golf Club is due at the beginning of the year. Instead of a single "lump" payment, a member can pay $1,600 at the start of the year and defer the $2,000 balance for five months by paying a $75 surcharge at the time of the second payment. Effectively, what annual rate of simple interest is Oak Meadows charging on the $2,000 deferred payment?

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The Answer of The annual $3,600 membership fee at the Oak Meadows Golf Club is due at the beginning of the year. Instead of a single "lump" payment, a member can pay $1,600 at the start of the year and defer the $2,000 balance for five months by paying a $75 surcharge at the time of the second payment. Effectively, what annual rate of simple interest is Oak Meadows charging on the $2,000 deferred payment?

The Annual $3,600 Membership Fee at the Oak Meadows Golf