Homework Answers
| Annual interest rate | = | 25.09% | ||
| Workings: | ||||
| Discount term to repay | = | 3/15 | ||
| Normal term to repay | = | n/60 | ||
| Number of days in a year | = | 365 | ||
| Difference in period | = | 365 days / (60 days - 15 days) | ||
| = | 365 days / 45 days | |||
| = | 8.11 | |||
| Annual interest rate | = | 8.11 X [3%/(100% - 3%)] | ||
| = | 8.11 X (3%/97%) | |||
| = | 25.09% | |||
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