The rate of interest for the amount borrowed by Samantha is 11.75 %
<u>Solution:</u>
Given, Samantha borrowed money to buy lawn equipment to start her new lawn service business.
She borrowed $800 for 9 months and paid $70.50 in interest.
We have to find what was the rate of interest?
Now, amount = $800, simple interest = $70.5, time period = 9 months =
<em><u>Simple Interest is given as:</u></em>
Hence, the interest rate is 11.75%.