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GodBlessYou
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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
 one year ago
GodBlessYou Group Title
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
 one year ago

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amistre64 Group TitleBest ResponseYou've already chosen the best response.1
250/7 is the per month interest ... so 12 of those equals a year
 one year ago

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
35.71?
 one year ago

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

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

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

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
12*(250/7) = 428.5714; is better soo: 3600, times interest = 428.5714 divide each side by 3600 to determine the interest
 one year ago

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

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
I got 119047
 one year ago

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

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

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

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
428.52/3600 = 0.1190333333 428.5714/3600 = 0.119047619 both values are equal up to 4 decimal places: 0.1190
 one year ago

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
oh 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
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
youre welcome
 one year ago
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