Question

What is the interest rate $1,849 at 7% for 18 months

Answer 1

$194.15

Explanation:

First, you need to find what 7% of $1,849 is,

(1,849/100)7=129.43

18 months equals 1.5 years so you then need to multiply the interest for one year by 1.5,

129.43 times 1.5=194.145

But there is no unit of money that goes to 1/1000 of a dollar so you need to round up from $194.145 to $194.15