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

Question

3 years ago

14

, if the amount of interest is $590.00. (Round your answer to the nearest tenth percent)

1 answer:

Doss [256] · Answer 1 · 2022-05-28T05:59:06+03:00

Doss [256]3 years ago

8 0

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%