SOLUTION: A loan of $1,030 was repaid at the end of 18 months with a check for $1,050. What annual rate of interest was charged?
Algebra ->
Finance
-> SOLUTION: A loan of $1,030 was repaid at the end of 18 months with a check for $1,050. What annual rate of interest was charged?
Log On
Question 1182561: A loan of $1,030 was repaid at the end of 18 months with a check for $1,050. What annual rate of interest was charged? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Interest for 18 months is 1050-1030=20
interest =20
P= 1030
r=?
t=1.5
20= 1030*r*1.5
20/(1030*1.5)
=0.0129
1.29%
