Mr. Jones borrows $4,500 for 90 days and pays $75 interest. What is his effective rate of interest?
A) 9.3%
B) 6.7%
C) 11.7%
D) None of these

Name: Mr. Jones borrows $4,500 for 90 days and pays $75 interest. What is his effective rate of interest? A) 9.3% B) 6.7% C) 11.7% D) None of these
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The Answer of Mr. Jones borrows $4,500 for 90 days and pays $75 interest. What is his effective rate of interest?
A) 9.3%
B) 6.7%
C) 11.7%
D) None of these

Mr Jones Borrows $4,500 for 90 Days and Pays $75