Ask Question
12 September, 01:20

Michele borrowed $3,000 for 9 months and paid $168.75 in simple interest on the loan. Find the annual simple interest rate that Michele paid on the loan.

+2
Answers (1)
  1. 12 September, 01:36
    0
    I=prt

    168.75=3000*9/12 r

    R=168.75/2250

    R=0.075*100

    R=7.5%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Michele borrowed $3,000 for 9 months and paid $168.75 in simple interest on the loan. Find the annual simple interest rate that Michele ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers