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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.

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  1. amistre64
    • 2 years ago
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    250/7 is the per month interest ... so 12 of those equals a year

  2. GodBlessYou
    • 2 years ago
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    35.71?

  3. amistre64
    • 2 years ago
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    that was the interest per month; and for 12 months how much would that have been?

  4. GodBlessYou
    • 2 years ago
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    ok so then it would be $428.52

  5. amistre64
    • 2 years ago
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    lets avoid truncating; it builds errors

  6. amistre64
    • 2 years ago
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    12*(250/7) = 428.5714; is better soo: 3600, times interest = 428.5714 divide each side by 3600 to determine the interest

  7. amistre64
    • 2 years ago
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    well, both ways are equal to 4 decimal places so i spose thats fine as well

  8. GodBlessYou
    • 2 years ago
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    I got 119047

  9. amistre64
    • 2 years ago
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    you missed your decimal .... but yeah

  10. amistre64
    • 2 years ago
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    so lets go with 11.9%

  11. GodBlessYou
    • 2 years ago
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    I thought you said 4 decimal places?

  12. amistre64
    • 2 years ago
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    428.52/3600 = 0.1190333333 428.5714/3600 = 0.119047619 both values are equal up to 4 decimal places: 0.1190

  13. GodBlessYou
    • 2 years ago
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    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

  14. amistre64
    • 2 years ago
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    youre welcome

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