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Dante took out a 20,000 loan for 146 days and was charged simple rate the total interest he paid on the loan was $488 as a percentage what was the annual interest rate of dantes loan

Sagot :

The simple interest rate that was paid on the loan by Dante was 6.1%

Simple interest = PRT/100

where,

P = Principal = 20000

R = Rate = Unknown

T = 146 days = 146/365 = 0.4 years

Interest = 488

Therefore, in order to solve the question, we'll slot the values of the terms above into the formula and this will be:

Simple interest = PRT/100

488 = (20000 × R × 0.4)/100

Cross multiply.

488 × 100 = 8000R

48800 = 8000R

R = 48800/8000

R = 6.1%

The annual Interest rate was 6.1%

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