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You borrow $350 from your aunt and agree to repay her $400 in 18 months. What interest rate (to the nearest tenth) are you paying?
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You borrow $350 from your aunt and agree to repay her $400 in 18 months. What interest rate (to the nearest tenth) are you paying?

User Sheung
by
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1 Answer

3 votes
I = P*r*t
r = I/(P*t) = (400 -350)/(350*1.5) . . . . . . 18 mo = 1.5 yr
r = 1/10.5
r ≈ 9.5%

You are paying about 9.5% simple interest.
User Dinuda Yaggahavita
by
7.9k points
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