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

What is the interest rate if an $85 loan for 9 months earned $4.78?
37.1k views
4 votes
What is the interest rate if an $85 loan for 9 months earned $4.78?

User Sathyendran A
by
8.0k points

2 Answers

3 votes

Answer:

7.5 is the correct answer.

Explanation:

User Hami
by
7.9k points
0 votes
Monthly loan payment $400.76 for 60 payments at 7.5%
User Froadie
by
7.5k points
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