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

asked Jan 5, 2021 91.6k views

5 votes

Find the annual interest rate paid on this loan:

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

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4 votes

Answer:

The annual rate is 1600

Explanation:

I = P*R*T

R= P*T/I

Annually = 12 months

R= (10,800 * 12) / 81

R= 1,600

Slateboard answered Jan 10, 2021

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