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-BARSIC- [3]
3 years ago
13

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%​
Mathematics
1 answer:
hodyreva [135]3 years ago
6 0

Answer:

17.4%​

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

E = P*I*t

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 P = 460

Paid $60 interest, so E = 60

9 months. So t = \frac{9}{12} = 0.75

We have to find I.

E = P*I*t

60 = 460*I*0.75

I = \frac{60}{460*0.75}

I = 0.174

So the correct answer is:

17.4%​

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