SOLUTION: Paul borrowed $90 from Greg eight months ago. Today, Paul paid Greg back $102.60. What is the simple annual interest rate that Paul paid? ..will u SOLVE this pLz?!. ..wit s

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: Paul borrowed $90 from Greg eight months ago. Today, Paul paid Greg back $102.60. What is the simple annual interest rate that Paul paid? ..will u SOLVE this pLz?!. ..wit s      Log On


   

Question 176127: Paul borrowed $90 from Greg eight months ago. Today, Paul paid Greg back $102.60. What is the simple annual interest rate that Paul paid?

..will u SOLVE this pLz?!.
..wit solutions and graph?,
..i need to solve dis..but i ddnt know how.
..pLz!.
..thAnks in advanCe!.
Answer by vleith(2983) About Me  (Show Source):
You can put this solution on YOUR website!
Interest for 8 months = 102.60+-+90 = 12.60
Interest was paid for 8 months = 2/3 year
InterestRate+=+%283%2F2%29%2A+12.60%2F90 = 0.21
wow 21% interest. Greg is not a friend