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 one year ago
Darcy McMillan borrowed $3,600 for 7 months nd had an interest charge of $250. Find the approximate annual interest rate to the nearest tenth of a percent.
 one year ago
Darcy McMillan borrowed $3,600 for 7 months nd had an interest charge of $250. Find the approximate annual interest rate to the nearest tenth of a percent.

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amistre64
 one year ago
Best ResponseYou've already chosen the best response.1250/7 is the per month interest ... so 12 of those equals a year

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1that was the interest per month; and for 12 months how much would that have been?

GodBlessYou
 one year ago
Best ResponseYou've already chosen the best response.0ok so then it would be $428.52

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1lets avoid truncating; it builds errors

amistre64
 one year ago
Best ResponseYou've already chosen the best response.112*(250/7) = 428.5714; is better soo: 3600, times interest = 428.5714 divide each side by 3600 to determine the interest

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1well, both ways are equal to 4 decimal places so i spose thats fine as well

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1you missed your decimal .... but yeah

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1so lets go with 11.9%

GodBlessYou
 one year ago
Best ResponseYou've already chosen the best response.0I thought you said 4 decimal places?

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1428.52/3600 = 0.1190333333 428.5714/3600 = 0.119047619 both values are equal up to 4 decimal places: 0.1190

GodBlessYou
 one year ago
Best ResponseYou've already chosen the best response.0oh I see that makes logical sense. :) Thank you so much! :D I like when people show all the work so I can understand it verese giving me answers! :D
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