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If I borrow $3200. And got ninety days later I’ll repaid the loan, with interest, with a check for $3276.80. What was the simple rate of interest ?

Sagot :

kycb

Answer:

It looks like you're trying to figure out the interest rate on a loan! Let me help you with that.

Let's break down this problem step-by-step:

1. Find the amount of interest:

* Subtract the original loan amount from the total repayment amount: $3276.80 - $3200 = $76.80

2. Calculate the interest rate for the 90-day period:

* Divide the interest amount by the original loan amount: $76.80 / $3200 = 0.024

Multiply that number by 100 to express it as a percentage: 0.024 100 = 2.4%

3. Calculate the annual interest rate:

Since there are four 90-day periods in a year (360 days / 90 days = 4), multiply the 90-day interest rate by 4: 2.4% 4 = 9.6%

Therefore, the annual interest rate on the loan is 9.6%.

Step-by-step explanation:

*in answer

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