Use the ordinary interest method to find the rate of interest that Make Over Picture Photo pays on a loan of $8,000 for 285 days
, if the amount of interest is $590.00. (Round your answer to the nearest tenth percent)
1 answer:
Answer:
0.03%
Step-by-step explanation:
Simple interes = PRT/100
Given
Interest = $590.00
Principal P = $8000
Time T = 285 days
Rate = ?
Since I = PRT/100
R = 100 x I /PT
= 100 x $590.00 /$8000 x 285
Multiply through
= 59000/2280000
= 0.03%
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