SOLUTION: plz solve this
Indira paid interest charges of $158.07 on a $4,790 invoice that was two months overdue.What monthly rate of simple interest was she charged? (Round your answ
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Question 1015221: plz solve this
Indira paid interest charges of $158.07 on a $4,790 invoice that was two months overdue.What monthly rate of simple interest was she charged? (Round your answer to 2 decimal places.)
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
Use the simple interest formula I = Prt.
Then substituting, we get 158.07 = (4790)(r)(2) = 9580r
==>
Therefore, the monthly rate of simple interest is 1.65%.
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