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Savadt2810
27.08.2019 •
Business
Aman needed money to buy lawn equipment. he borrowed $700.00 for five months and paid $53.95 in interest. what was the rate of interest?
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Ответ:
The rate of interest per year is 18.49 %.
Explanation:
To calculate the rate of interest, we use the equation:
where,
Interest paid = $ 53.95
Amount borrowed = $ 700
Rate of interest = ?
Time = 5 months =
(Conversion factor: 1 yr = 12 months)
Putting values in above equation, we get:
Hence, the rate of interest per year is 18.49 %.
Ответ: