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Calculate the annual rate of simple interest on the loan. I already solved the problem, I just wanted to see if I’m correct

Calculate the annual rate of simple interest on the loan. I already solved the problem-example-1
User GeekToL
by
3.0k points

1 Answer

19 votes
19 votes

Step 1

Given;

Step 2

State the formula


Interest=(Principal* Rate* Time)/(100)
444=(18690* Rate*(15)/(12))/(100)
\begin{gathered} 44400=1.25*18690* Rate \\ Rate=(1184)/(623) \\ \\ \end{gathered}
Rate\approx1.9\text{\operatorname{\%}}

Answer;


Rate=1.9\text{\%}

Calculate the annual rate of simple interest on the loan. I already solved the problem-example-1
User Brandon Wilson
by
3.0k points