Free GRE Practice Question

Question 1 of 1
ID: GRE-NEQ-018
Section: GRE Quantitative Reasoning - Numeric Entry
Topic: Word Problems
Difficulty level: Easy

Practice Mode: Single selected Question » Back to Overview

A customer bought a sports kit priced at $300. The store also offered an installment plan: a down payment of $180 now and a single payment of $122 one month later. Assuming simple interest, what was the effective annual rate of interest, in percent, charged on the installment plan?

Numeric Answer:

General Hint: Enter the answer as an integer or a decimal in a single answer box. If two answer boxes are given, enter the answer as a fraction, with one box being the numerator and the other being the denominator. Read carefully whether the answer should rounded and make sure you round to the required degree of accuracy. Do not enter any symbols or characters in the box(es) provided.

» Quit
» Quit