anonymous
  • anonymous
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.
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.
katieb
  • katieb
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
amistre64
  • amistre64
250/7 is the per month interest ... so 12 of those equals a year
anonymous
  • anonymous
35.71?
amistre64
  • amistre64
that was the interest per month; and for 12 months how much would that have been?

Looking for something else?

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

More answers

anonymous
  • anonymous
ok so then it would be $428.52
amistre64
  • amistre64
lets avoid truncating; it builds errors
amistre64
  • amistre64
12*(250/7) = 428.5714; is better soo: 3600, times interest = 428.5714 divide each side by 3600 to determine the interest
amistre64
  • amistre64
well, both ways are equal to 4 decimal places so i spose thats fine as well
anonymous
  • anonymous
I got 119047
amistre64
  • amistre64
you missed your decimal .... but yeah
amistre64
  • amistre64
so lets go with 11.9%
anonymous
  • anonymous
I thought you said 4 decimal places?
amistre64
  • amistre64
428.52/3600 = 0.1190333333 428.5714/3600 = 0.119047619 both values are equal up to 4 decimal places: 0.1190
anonymous
  • anonymous
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
amistre64
  • amistre64
youre welcome

Looking for something else?

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