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Naddika [18.5K]

3 years ago

10

Fiano borrowed $550. Four months later, he sent a cheque for $562.83 to repay the loan and interest. What was the interest rate

charged?PLS help I realllyneed it.

1 answer:

Digiron [165]3 years ago

4 0

Answer:

Rate = 0.7%

Step-by-step explanation:

Rate = Interest / (principal x time)

rate = 12.83 / ((550) x 12/4)

rate = 12.83 / (550 x 3)

rate = 12.83 / 1650

rate = 0.007

rate = 0.7%

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