SOLUTION: A loan of ​$940 was repaid at the end of 12 months with a check for ​$955. What annual rate of interest was​ charged? Homework question from Hans Beauvoir

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Question 1177032: A loan of ​$940 was repaid at the end of 12 months with a check for ​$955. What annual rate of interest was​ charged?

Homework question from Hans Beauvoir
Answer by ikleyn(52781)   (Show Source): You can put this solution on YOUR website!
.

The annual rate of interest was   = 0.015957, or  0.016 (rounded).


ANSWER.  The annual rate of interest was 0.016,  or  1.6%.

Solved.

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To see many other similar and/or different solved problems on simple interest accounts,  look into the lesson
    - Simple interest percentage problems
in this site.


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