Annual Interest rate

This topic has 3 replies, 3 voices, and was last updated 10 years ago by John Moffat.

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March 11, 2016 at 4:37 pm #305664
Samit
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Sir, please help me with the following:
A Co. issues loan notes of $1000000, redeemable after 90 days for $1080000. Assuming 360 days/year what is the annual interest rate?
Can it be done as follows: 1080000 = 1000000*r*90/360 and solving for ‘r’?
March 12, 2016 at 7:55 am #305953
John Moffat
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No it should be (1 + r) = (1080000/1000000)^(360/90)
March 24, 2016 at 8:57 am #308074
Azad
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@sampat54 said:
Sir, please help me with the following:
A Co. issues loan notes of $1000000, redeemable after 90 days for $1080000. Assuming 360 days/year what is the annual interest rate?
Can it be done as follows: 1080000 = 1000000*r*90/360 and solving for ‘r’?
WHERE IS THE QUESTION AVAILABLE?
March 24, 2016 at 11:05 am #308089
John Moffat
Keymaster
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What are you talking about? The question is what Samit wrote in his post!!
(and please do not write in capital letters)
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