SOLUTION: A man borrows $360. If he pays it back in 12 monthly installments of $31.50, what is his interest rate?

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: A man borrows $360. If he pays it back in 12 monthly installments of $31.50, what is his interest rate?      Log On


   

Question 1101762: A man borrows $360. If he pays it back in 12 monthly installments of $31.50, what is his interest rate?
Answer by Shin123(626) About Me  (Show Source):
You can put this solution on YOUR website!
$31.50*12=$378 378-360=$18 360/18=20 1/20=0.05=5%