Since there are a 100 cents in a dollar. the 100 is the denominator.
46/100, reduce; 23/50, can't be reduced any further. so 23/50 is the fraction.
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Amount of car loan taken by Scott = $5500
Amount of loan paid back by Scott = $7370
Then
Amount of money paid as interest by Scott = (7370 - 5500) dollars
= 1870 dollars
Then
Percentage of interest given for the car loan = (1870/5500) * 100
= 1870/55
= 34 percent
So Scott had to pay a total interest rate of 34% in the four years.I hope the procedure is simple enough for you to understand and solve future problems.
200 x 150 = 30,000 to purchase
200 x 175 = 35,000 when selling
35000 - 30000 is 5,000 capital gain
0.99999696 is your answer I am pretty sure.
