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March 16th, 2015, 01:50 PM   #1
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I need to know if interest charged is more than 10%pa.

Beginning in February. If the first bill in August is for \$64.37, and the second bill in December is for \$93.02, what rate is interest accruing at if the principal is \$1660.26?

p.s. the bill is the interest charged.

Last edited by skipjack; March 18th, 2015 at 09:36 PM.
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March 18th, 2015, 08:40 PM   #2
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Quote:
Originally Posted by bitencrypt View Post
Beginning in February. If the first bill in August is for \$64.37, and the second bill in December is for \$93.02, what rate is interest accruing at if the principal is \$1660.26?

p.s. the bill is the interest charged.
My answer is as accurate as your problem statement:
[(93.02 - 64.37) / 4 * 12] / 1660.26 = .051769...
So rate slightly above 5%.
Thanks from MarkFL

Last edited by skipjack; March 18th, 2015 at 09:37 PM.
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