SOLUTION: A man was charged 2 cents per month for every 1 dollar he borrowed from a bank.At what rate per annum was he charged

Algebra ->  Sequences-and-series -> SOLUTION: A man was charged 2 cents per month for every 1 dollar he borrowed from a bank.At what rate per annum was he charged      Log On


   



Question 1108801: A man was charged 2 cents per month for every 1 dollar he borrowed from a bank.At what rate per annum was he charged
Answer by ikleyn(52788) About Me  (Show Source):
You can put this solution on YOUR website!
.
The rate per annum = ((2 cents per month)*(12 months))/100 cents = 24%2F100 = 24%.