Question

A man borrowed $8000. He paid $10100 after 9 months for the debt. What was the interest rate per annum?

Answer 1

Answer:

3.5%

Step-by-step explanation:

Interest = 10100 - 8000 or 2100

I = Prt

2100 = 8000(9/12)r

2100 = 600r

2100/600 = r

3.5 = r