Question

What is the interest rate if an $85 loan for 9 months earned $4.78?

6,0

5.7

8.3

7.5

Answer 1

7.5

Explanation:

Answer 2

Monthly loan payment is $400.76 for 60 payments at 7.5%. ... monthly on the current outstanding balance of your loan at 1/12 of the annual rate. 0% ... Interest rate; Number of payments, and; Amount of money you need to borrow (the principal). ... For example, if the approximate term of the loan is 4 years or 48 months

Step-by-step explanation: Monthly loan payment is $400.76 for 60 payments at 7.5%. ... monthly on the current outstanding balance of your loan at 1/12 of the annual rate. 0% ... Interest rate; Number of payments, and; Amount of money you need to borrow (the principal). ... For example, if the approximate term of the loan is 4 years or 48 months, you ...