Okay. So the formula for the amount of time is I / Pr, meaning you multiply the principal and the rate in decimal form together, and you divide the amount of interest by that number. The formula for finding the interest rate is I / Pt, meaning you multiply the principal and time, and the you divide the amount of interest by that number. With a decimal, be sure to multiply by 100 to get the whole percentage. With that being said, if you solve this correctly, here are your answers.
Note: For times in months, you'll have to do some conversion into decimals, but you know that 12 months equal 1 year, so you can divide the time period by 12. For the second part, I happened to get 5.43% when I worked it out, but a calculator happened to round off to 5.42%, so it's a bit confusing, but those are the answers.
Yes. For example, a hotel advertises, “Buy 4 nights, get the 5th night free.” Taking advantage of the deal, a customer purchases 5 nights for $400. Each night of the customer’s 5-night stay is subject to the fee.
