Using the simple interest relation, the annual simple interest rate received by the third party is 11%
The interest rate = 12%
The daily interest rate on the fee can be calculated thus :
- Daily interest rate = 12% / 360 = 0.0333%
Of the initial 90 days, 30!days has elapsed, hence, the annual simple interest rate recuved by the third party would be :
(0.0333% × (360 - 30)) = 11%
Hence, the annual simple interest rate received by the third party is 11%.
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