Lin borrowed $950 for a new laptop. She will pay $25.80 each month for the next 48 months. Find the simple interest rate for her loan. (Rounded to the nearest 10th of a percent.)

Question

Lin borrowed $950 for a new laptop.  She will pay $25.80 each month for the next 48 months.  Find the simple interest rate for her loan. (Rounded to the nearest 10th of a percent.)

Griffin · Accepted Answer

That answer is not correct

kudum · Answer

25.8 * 48 =1238.40 I = amount - borrow I = 1238.40 - 950 = 288.40 Rate = I/borrow = 288.40/950 *48/12 = 7.6%

Dana · Answer

Thank you so much. Could you take a crack at the other question I posted about the $5800 car loan?

Caca · Answer

Zat is incorrewct yuo ztuopid batch ada motu patlu wiz za caca not and za qruotu yaouto ebacha

🌈Jacob🌈 · Answer

Sorry hun the answer is 32.6% simple math.