The sales tax charged on a $40 dress was $3.20.what is the sales tax rate charged on the dress?
1 answer:
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Answer:
17.4%
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the interest amount, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time, in year.
In this question:
He borrowed $460, so
Paid $60 interest, so
9 months. So
We have to find I.
So the correct answer is:
17.4%