Selling the note before its maturity: Ramli decides to sell away his car....

[lyk14]

Ramli decides to sell away his car. He accepts a 250-day note of RM9000 at 10% simple interest as payment. After 90 days, he realises he needs money and sells the note to a friend for RM9100. What annual interest rate will his friend receive? Including explanation please, I've been struggling to solve this but I really dont know how

 

[Deleted member 4993]

Ramli decides to sell away his car. He accepts a 250-day note of RM9000 at 10% simple interest as payment. After 90 days, he realises he needs money and sells the note to a friend for RM9100. What annual interest rate will his friend receive? Including explanation please, I've been struggling to solve this but I really dont know how

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[stapel]

Ramli decides to sell away his car. He accepts a 250-day note of RM9000 at 10% simple interest as payment. After 90 days, he realises he needs money and sells the note to a friend for RM9100. What annual interest rate will his friend receive?

Including explanation please, I've been struggling to solve this but I really dont know how

Please reply showing your thoughts and efforts so far, so we can see what you're doing and where you're getting stuck. For instance, you started by finding the ending value of the original 250-day note, and... then what?

Please be complete. Thank you!