SOLUTION: .Andrew borrowed $1200 on a 6-month note. The maturity value of the note was $1284. What simple interest rate was he charged for this note?

SOLUTION: .Andrew borrowed $1200 on a 6-month note. The maturity value of the note was $1284. What simple interest rate was he charged for this note?

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Question 864397: .Andrew borrowed $1200 on a 6-month note. The maturity value of the note was $1284. What simple interest rate was he charged for this note?

Answer by rakheekar(2) (Show Source): You can put this solution on YOUR website!
1284-1200= (1200x1/2xI)/100
I= 8400/600=14%
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