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After 8 months , $750 simple interest was owed on a loan of $9,000. find the annually interest rate.
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After 8 months , $750 simple interest was owed on a loan of $9,000. find the annually interest rate.

User Asad Khan
by
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1 Answer

10 votes
Time = 8 months =8/12=2/3 years
P=$9000
I=$750
Rate of interest = (I * 100)/P*t
= (750*100)/9000 * [2/3]
= 75000/3000*2
= 12.5%
User Practual
by
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