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AlladinOne [14]
3 years ago
6

Find the effective rate of interest to the nearest hundredth percent if $60.94 is earned in one year on a deposit of

Business
1 answer:
Nata [24]3 years ago
8 0

Answer:

6.25%

Explanation:

The formula for calculating interest rate is as follows

I= P x R x T

Where

I= interest,  P= principal amount, T is time

in this case: I= $60.94, P=$975, T=1 year

Therefore:

$60.94 = $975 x( r/100) x 1

$60.94 =975(r/100) multiply both side by 100 to get rid of the fraction.

6094=975r

r = 6094/ 975

r = 6.2502

interest rate = 6.25%

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<h3>Learn more</h3>
  1. Learn more about auto loan of car brainly.com/question/12389122
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<h3>Answer details</h3>

Grade:  9

Subject:  business

Chapter:  car

Keywords:  the market for a car, money,  the best transportation option, saving, auto loan.

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