Answered

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Amy borrowed $10,500 to purchase a new Toyota Yaris and agreed to pay back $14,320 in

220days. What ordinary interest rate was she paying? (Round your answer to the pearest tenth

of a percent.)

Sagot :

Answer: 60.36%

Explanation:

Interest = Amount - Principal

= 14320 - 10500

= 3820

Time = 220 days

Rate = Unknown

Interest = PRT/100

3820 = (10500 × R × 220/365)/100

3820 = (10500 × R × 0.6027397)/100

3820 = 6328.7671R/100

Cross multiply

3820 × 100 = 6328.7671R

R = 382000/6328.7671

R = 60.36%

The ordinary interest rate was 60.36%

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