Asked by Donny

find the annual percentage rate on a loan of $1,500 for 18months if the loan requires $190 interest and is repaid monthly.
Answered by plumpycat
Assuming simple interest, since compounding isn't mentioned in the question:
18 months = 1.5 years
I = Prt
190 = 1500 * r * 1.5
r ~ 0.084 or 8.4 %/a