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adoni [48]
3 years ago
6

You borrow $680 from your brother and agree to pay back $750 in 3 months. What simple interest rate will you pay?

Mathematics
1 answer:
Anastasy [175]3 years ago
5 0

Answer:

hence rate interest r = 41.176%

Step-by-step explanation:

The amount borrowed= $680

amount payed back = $750

therefore, interest incurred = 750-680= $70

time, t= 3 months = 3/12= 0.25 years

rate%, r

we know that SI= \frac{PRT}{100}

70= \frac{680\timesr\0.25}{100}

r=\frac{7000}{0.25\times680} = 41.176

hence rate interest r = 41.176%

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