A loan of $990 was repaid at the end of 6 months with a check for 1015. What annual interest was charged
1 answer:
The answer is .42%
Explained
I / PT = R
I = The amount of interest paid
P = The amount paid before adding interest
T = The time (weeks, months, years)
R = Interest Rate (must move 2 decimal place to the right)
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