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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.
 8 months ago
 8 months 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.
 8 months ago
 8 months ago

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amistre64Best ResponseYou've already chosen the best response.1
250/7 is the per month interest ... so 12 of those equals a year
 8 months ago

amistre64Best ResponseYou've already chosen the best response.1
that was the interest per month; and for 12 months how much would that have been?
 8 months ago

GodBlessYouBest ResponseYou've already chosen the best response.0
ok so then it would be $428.52
 8 months ago

amistre64Best ResponseYou've already chosen the best response.1
lets avoid truncating; it builds errors
 8 months ago

amistre64Best 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
 8 months ago

amistre64Best ResponseYou've already chosen the best response.1
well, both ways are equal to 4 decimal places so i spose thats fine as well
 8 months ago

amistre64Best ResponseYou've already chosen the best response.1
you missed your decimal .... but yeah
 8 months ago

amistre64Best ResponseYou've already chosen the best response.1
so lets go with 11.9%
 8 months ago

GodBlessYouBest ResponseYou've already chosen the best response.0
I thought you said 4 decimal places?
 8 months ago

amistre64Best 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
 8 months ago

GodBlessYouBest 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
 8 months ago
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