SOLUTION: The total amount of interest on a loan of $6000. for 150 days is $210.50. Using the ordinary interest method what is the rat of interest on the loan rounded to the nearest hundredt

Algebra ->  Algebra  -> Customizable Word Problem Solvers  -> Finance -> SOLUTION: The total amount of interest on a loan of $6000. for 150 days is $210.50. Using the ordinary interest method what is the rat of interest on the loan rounded to the nearest hundredt      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com
Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!
Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations!

   


Question 182329: The total amount of interest on a loan of $6000. for 150 days is $210.50. Using the ordinary interest method what is the rat of interest on the loan rounded to the nearest hundredth?
Answer by Mathtut(3670) About Me  (Show Source):
You can put this solution on YOUR website!
6000(150/360)r=210.5
:
2499.999r=210.5
:
highlight%28r=.0842%29*100=8.42%