SOLUTION: a loan of 2700$ can be repaid in 100 days by paying the principal sum borrowed plus 75$ interest what was the rate if interest charged

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Question 1186683: a loan of 2700$ can be repaid in 100 days by paying the principal sum borrowed plus 75$ interest what was the rate if interest charged
Answer by ikleyn(52782) About Me  (Show Source):
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a loan of 2700$ can be repaid in 100 days by paying the principal sum borrowed
plus 75$ interest what was the rate if interest charged
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This problem is on simple interest

    75 = 2700%2Ar%2A%28100%2F365%29,


where r is the simple interest per year (365 days).

From this equation, we find

    r = %2875%2A365%29%2F%282700%2A100%29 = 0.101388889


or 0.1 = 10% per year approximately.    ANSWER

Solved.