24. Anton borrowed $460 for a new bicycle. He made 9 monthly payments to repay the loan. He paid $60 interest. What is his simpl e interest rate? 7.67% 13.0% 9.75% 10.2% 17.4%
1 answer:
Answer:
17.4%
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the interest amount, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time, in year.
In this question:
He borrowed $460, so
Paid $60 interest, so
9 months. So
We have to find I.
So the correct answer is:
17.4%
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