SOLUTION: Can someone please help me with this problem: Find the actual interest rate paid, to the nearest tenth, on the simple discount note. $27,000; discount rate 7%; length of loa

Algebra ->  Equations -> SOLUTION: Can someone please help me with this problem: Find the actual interest rate paid, to the nearest tenth, on the simple discount note. $27,000; discount rate 7%; length of loa      Log On


   

Question 203571: Can someone please help me with this problem:
Find the actual interest rate paid, to the nearest tenth, on the simple discount note.
$27,000; discount rate 7%; length of loan 3 months
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
27000(.07)(.25)=472.5
472.5/27000=1.8%