Main Answer:
The simple interest rate on the 11-month loan of $82,000 is approximately 6.0%, rounded to one decimal place.
Step-by-step explanation:
Let r represent the simple interest rate as a decimal. We are given that the simple interest charged on an 11-month loan of $82,000 is $961.
To find the simple interest rate, we use the formula:
simple interest = principal interest rate time (in months) / 12
Substituting the given values into this formula, we get:
$961 = 82,000 r 11 / 12
We can solve for r:r = ($961 12) / (82,000 11) = 0.0604, rounded to four decimal places. Therefore, the simple interest rate is approximately 6.0%, rounded to one decimal place.