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

Algebra ->  Finance -> 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      Log On


   

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) About Me  (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
==>r+=+158.07%2F9580+=+0.0165
Therefore, the monthly rate of simple interest is 1.65%.