Question

I AM VERY DESPERATE NOW!!! I HAVE ASKED THIS SAME QUESTION 3 TIMES AND NOBODY HAS BEEN ABLE TO ANSWER IT. PLEASE HELP, SOMEONE!! IF YOU CAN'T DO IT, PLEASE GET SOMEONE ELSE TO HELP ME. IT HAS BEEN 3 HOURS AND I HAVE BEEN STUCK ON THIS SINGLE PROBLEM

What is the interest rate?

Answer 1

The interest rate is 5.25 percent. I got this by doing 4252/81000 (18000x4.5) and got 0.0525 and then multiplied by 100 (decimal to percent)

Answer 2

Interest rate is 5.25% a year.

Explanation:

r = (1/54)((22252.5/18000) - 1) = 0.004375

r = 0.004375

Convert decimal to percentage

R = 0.004375 * 100 = 0.4375%/month

Calculate annual rate

0.4375%/month × 12 months/year = 5.25% per year.