Answer: the interest rate is 18.7%
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the loan.
P represents the principal or amount taken as loan
R represents interest rate
T represents the duration of the loan in years.
From the information given,
P = 650
I = 660 - 650 = $10
T = 30 days. Converting to years,
T = 30/365 = 0.08219
10 = (650 × R × 0.08219)/100 = 0.5342R
R = 10/0.534 = 18.7% to the nearest tenth of a percent.
