Asked by teresa
what was the interest rate on the loan for $50,000 if the interest amounted to $4500 for 9 months
Answers
Answered by
Steve
assuming simple interest,
50000*(3/4)*r = 4500
r = 4/3 * 4500/50000 = .12 or 12%
50000*(3/4)*r = 4500
r = 4/3 * 4500/50000 = .12 or 12%
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