Answer:
Interest rate is 5.25% a year.
Step-by-step explanation:
r = (1/54)((22252.5/18000) - 1) = 0.004375
r = 0.004375
Convert decimal to percentage
R = 0.004375 * 100 = 0.4375%/month
Calculate annual rate
0.4375%/month × 12 months/year = 5.25% per year.
Answer:
I need more info to help you answer the question
Step-by-step explanation:
Answer:
p > 4
Step-by-step explanation:
your welcome
Answer:
The loan was for 9 months only
Step-by-step explanation:
In this question, we are concerned with calculating the time taken for a loan om an interest to be paid back
To calculate this, we use the simple interest formula
Mathematically;
I = PRT/100
where P is the principal which is the amount borrowed and that is $500 according to the question
R is the rate which is 8% according to the question
Interest can be calculated by subtracting the principal from the amount paid back = 530-500 = 30$
We now plug these values into the equation
30 = (500 × 8× T)/100
100 × 30 = 4000T
T = 3000/4000
T = 0.75 (same as 0.75 × 12 months = 9 months)
