anonymous
  • anonymous
Michele Gabrielle borrowed $6,000 for 3 months and paid $82.50 in simple interest on the loan. Find the annual simple interest rate that Michele paid on the loan. (Round your answer to the nearest tenth of a percent.)
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
eSpeX
  • eSpeX
For simple interest use: I=p*r*t
anonymous
  • anonymous
i just have trouble rounding the number?
eSpeX
  • eSpeX
i = 82.50, p = 6000, t = 3/12 \[\frac{82.50}{6000 * .25} = rate\] Okay, what was your answer before rounding?

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

anonymous
  • anonymous
0.00055
anonymous
  • anonymous
soeey it 0.055
anonymous
  • anonymous
sorry
eSpeX
  • eSpeX
Unless I did my math wrong you are a couple extra decimals off. For mine I got 0.05.5
eSpeX
  • eSpeX
Okay, so 0.055, times 100 since they ask for percent, give you 5.5% Now just round to the nearest 10th.
anonymous
  • anonymous
6.0?
eSpeX
  • eSpeX
That is how I would interpret this problem. :)
anonymous
  • anonymous
it didn't take that answer :(
eSpeX
  • eSpeX
Personally I would have left it at 5.5%, but since it asks you to round then 6.0 seems to be the correct answer.
anonymous
  • anonymous
well it took 5.5 Thanks Much :)
eSpeX
  • eSpeX
You are welcome. :)

Looking for something else?

Not the answer you are looking for? Search for more explanations.