186k views
1 vote
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

1 Answer

3 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 Tom Dunham
by
8.2k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories