Question
Compute the rate for the following loan. Round your answer to the nearest tenth of a percent.
Principal
Rate (%)
Time
Interest
$50,000
9 months
$4,500
Principal
Rate (%)
Time
Interest
$50,000
9 months
$4,500
Answers
Ms. Sue
I = PRT
4,500 = 50,000 * R * 0.75
4,500 = 37,500R
4,500 / 37,500 = R
0.12 = 12% = R
4,500 = 50,000 * R * 0.75
4,500 = 37,500R
4,500 / 37,500 = R
0.12 = 12% = R