crystalrenae7571 crystalrenae7571

21-03-2020
Mathematics

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A loan of $990 was repaid at the end of 6 months with a check for 1015. What annual interest was charged

A loan of 990 was repaid at the end of 6 months with a check for 1015 What annual interest was charged class=

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GamingLegion GamingLegion

21-03-2020

The answer is .42%

Explained

I / PT = R

I = The amount of interest paid

P = The amount paid before adding interest

T = The time (weeks, months, years)

R = Interest Rate (must move 2 decimal place to the right)

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