GRE Question of the Day (April 6)

A business owner obtained a $6,000 loan at a simple annual interest rate of r percent in order to purchase a computer. After one year, the owner made a single payment of $6,840 to repay the loan, including the interest. What is the value of r ?

A. 7.0

B. 8.4

C. 12.3

D. 14.0

E. 16.8
 

Correct Answer - C - (click and drag your mouse to see the answer)