SOLUTION: A loan of $900 was repaid at the end of 12 months with a check of $930. What annual rate of interest was charged?
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Question 1097233: A loan of $900 was repaid at the end of 12 months with a check of $930. What annual rate of interest was charged?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A loan of $900 was repaid at the end of 12 months with a check of $930. What annual rate of interest was charged?
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Ans: 30/900 = 3/90 = 1/30 = 0.0333 = 3 1/3%
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Cheers,
Stan H.
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