Question
Charlie is due a refund of $800. If he wants to receive his money 2 months early then he must pay a $50 fee. What is the annual simple interest rate?
Answers
Ms. Sue
I=PRT
50 = 800 * R * 0.1667
50 = 133.3334R
0.374 = 37.4% = R
50 = 800 * R * 0.1667
50 = 133.3334R
0.374 = 37.4% = R