You are planning a skating party at a rink that charges a basic fee of $6.00 and $6.50 per person for catered parties. You don't
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The rate of interest is 75 % per year
<em><u>Solution:</u></em>
Given that, Jamerra received a $3,00 car loan
she plans on paying off the loan in 2 years
<em><u>Jamerra will have paid $450 in interest</u></em>
Therefore, we get
Principal = $ 300
Number of years = 2
Simple Interest = $ 450
Rate of interest = ?
<em><u>The simple interest is given by formula:</u></em>
Where,
"p" is the principal and "n" is the number of years and "r" is the rate of Interest
<em><u>Substituting the given values we get,</u></em>
Thus rate of interest is 75 % per year