Answer:
4%
Explanation:
For number of months Interest included in $918000:
= 10/1/21 to 4/1/22
= 6 months
It is given that interest for the first three months is $9,000 that is from 10/1/21 to 31/12/21.
Therefore, the interest from 1/1/22 to 4/1/22 is also $9,000.
The principal amount excluding interest due:
= Amount obligated to pay - Interest for first 3 months - Interest for next 3 months
= $918,000 - $9,000 - $9,000
= $900,000
Interest rate:
= [(Accrued interest × No. of months) ÷ Principal amount] × 100
= [(9000 × 12/3) ÷ 900000] × 100
= 4%
