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Katie borrowed $550. Four months later, she sent a cheque for $562.83 to repay the loan and interest. What was the interest rate charged?

Katie borrowed $550. Four months later, she sent a cheque for $562.83 to repay the loan and interest. What was the interest rate charged?
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5 votes
Katie borrowed $550. Four months later, she sent a cheque for $562.83 to repay the loan and interest. What was the interest rate charged?

User Uduse
by
8.3k points

1 Answer

1 vote

Answer:

3 percent

Explanation:

562-550=12divided 4=3

User Turar
by
8.1k points
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