Question: Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to

Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to use for the 60 day period is RO19,600, what is the actual interest rate on this note?

10.00%

12.00%

12.24%

.12.45%

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