Sue bought a six-month CD for
$6000. She said that at maturity it paid $225.00 in interest. Assume that this was simple interest, and determine the APR.
What does APR mean??
APR stands for Annual perscentage rate.
Its simple interest and 6 months so I assume that is $450 interest per year.
450/6000 *100 % = 7.5%
