Compute the rate for the following loan. Round your answer to the nearest tenth of a percent.

Question

Principal

Rate (%)

Time

Interest


$50,000



9 months

$4,500

Answer 1

I = PRT

4,500 = 50,000 * R * 0.75

4,500 = 37,500R

4,500 / 37,500 = R

0.12 = 12% = R