Answer:
interest rate is 38.68 %
Step-by-step explanation:
Given data
installment = $60
time = 36 months = 36/12 = 3 years
principal = $1000
to find out
interest rate
Solution
we know student pay $60 for 36 months
so he pay total = 60 × 36 = 2160
total amount pay by student = $ 2160
so we can find interest rate by given formula
rate = (1/time)(amount/Principal - 1)
put the value time amount and principal here
rate = (1/3)(2160/1000 - 1)
rate = 0.386667
interest rate is 38.68 %
Answer:
%176
Step-by-step explanation:
1/4n x 1/2 = 22
Solve the equation and get 176.
To be able to compare the rates, we will write them in fraction form.
The fraction that represents Joe's rate is:

and the fraction that represents Bob's rate is:

Simplifying the above fractions, we get:

Since:

then Bob and Joe did not work at the same rate.
Answer:
No, Bob and Joe did not work at the same rate.