the total amount of interest on this loan of $6000 for 150 days is $210.50.

what is the rate of interest on this loan?

If not compounded, or simple interest, then
Interest=Principal(rateinterest)*time

Here time is 5/12 of a year, you are given the interest and principle. Figure the rate of interest.

25.26

Vicky was charged $456 interest for 1 month on a $2400 credit card balance. What was the monthly interest rate?

I = Po*r*t = 210.50.

6000*(r/360)*150 = 210.50,
2,500r = 210.50,
r = 0.0842 = 8.42%.

I = Po*r*t = 456.
2400*(r/12)*1 = 456,
r = 2.28 = 228%/yr. = APR.
MPR = 228/12mo. = 19%/mo.

To find the rate of interest on this loan, we can use the formula for simple interest:

Interest = Principal * Rate * Time

First, let's substitute the given values into the formula:

Interest = $210.50
Principal = $6000
Time = 150 days = 150/365 years (since there are 365 days in a year)

Now, let's rearrange the formula to solve for the rate of interest:

Rate = Interest / (Principal * Time)

Plugging in the values:

Rate = $210.50 / ($6000 * (150/365))

Now, let's calculate the rate of interest:

Rate = $210.50 / ($6000 * (150/365))
= $210.50 / (900000/365)
= $210.50 * (365/900000)
≈ 0.084

Therefore, the rate of interest on this loan is approximately 0.084, which is equivalent to 8.4% when expressed as a percentage.