SOLUTION: The total amount of interest on a loan of $6000. for 150 days is $210.50. Using the ordinary interest method what is the rat of interest on the loan rounded to the nearest hundredt

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Question 182329: The total amount of interest on a loan of $6000. for 150 days is $210.50. Using the ordinary interest method what is the rat of interest on the loan rounded to the nearest hundredth?
Answer by Mathtut(3670) About Me  (Show Source):
You can put this solution on YOUR website!
6000(150/360)r=210.5
:
2499.999r=210.5
:
highlight%28r=.0842%29*100=8.42%