Find the annual interest rate paid on this loan: interest = $81; principal = $10,800; time = 1 month

asked Jun 17, 2021 179k views

2 votes

Find the annual interest rate paid on this loan:

interest = $81; principal = $10,800; time = 1 month

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2 votes

Explanation:

we know this

interest = $81; principal = $10,800; time = 1 month

r = i/p*r

r = 81/10,800 * 1

r = 0.0075

Shijil Narayanan answered Jun 21, 2021

6.2k points

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