With interest of $1,832.00 and a principal of 16,000 for 206 days, use the ordinary Interest method to determine the rate

To determine the interest rate using the ordinary interest method, we can use the formula: Interest = Principal * Rate * Time Given: Interest = $1,832.00 Principal = $16,000 Time = 206 days Let's solve for the interest rate: Interest = Principal * Rate * Time $1,832.00 = $16,000 * Rate * (206/365) Dividing both sides by $16,000 and multiplying by (365/206): Rate = $1,832.00 / ($16,000 * (206/365)) Rate = $1,832.00 / ($16,000 * 0.5665) Rate ≈ 0.2165 Converting the decimal to a percentage: Rate ≈ 0.2028 * 100 Rate ≈ 20.28% Therefore, the interest rate is approximately 20.28%.