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

amistre64
 2 years 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
 2 years ago
Best ResponseYou've already chosen the best response.0ok so then it would be $428.52

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

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

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

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

amistre64
 2 years 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
 2 years 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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