ponylover123
Answered

Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Find reliable answers to your questions from a wide community of knowledgeable experts on our user-friendly Q&A platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Kyle paid $96 in interest to borrow $7200 for 4 months.

What annual interest rate did Kyle pay?

A.
1.33%

B.
4%

C.
5.33%

D.
16%

Sagot :

so we know that 4 months is 1/3 of a year. therefore, the interest kyle would've paid in a year would be 96x3, 288. now we just need to know what the interest rate for a year was. we find the interest rate by dividing the annual interest by the total amount borrowed. 288/7200+0.04, so the answer is B, 4%.
Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.