Question 176107: Billy borrowed $35 from Merry ten months ago. Today, Billy paid Merry back $3695. What is the annual interest rate that Billy paid? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Billy borrowed $35 from Merry ten months ago. Today, Billy paid Merry back $3695. What is the annual interest rate that Billy paid?
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Total interest: 3695-35 = 3660
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I = Prt
3660 = 35r(10/12)
r = [3660/35][12/10]
r = 125.49 or 12549%
Cheers,
Stan H.
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