Thursday

November 27, 2014

November 27, 2014

Posted by **George** on Sunday, January 5, 2014 at 10:26pm.

Principal

Rate (%)

Time

Interest

$50,000

9 months

$4,500

(Points : 2)

- Business Math -
**Reiny**, Sunday, January 5, 2014 at 10:37pmAre we doing simple interest?

notice your data did not line up nicely, do we have

principal = $50000

rate = ????

time = 9 months

interest = $4500 ?

rate = interest/(principal x time)

= 4500/(50000(9/12)) = .12

So the simple interest rate is 12% per annum

**Answer this Question**

**Related Questions**

Business Math - Compute the rate for the following loan. Round your answer to ...

Business math - Compute the rate for the following loan. Round your answer to ...

Business Math - Compute the simple interest. Assume 1 month to be of a year. ...

business Math - You were offered the opportunity to purchase either a simple ...

math - Using the formula, compute the true annual interest rate. Loan amount = $...

consumer math - Jim opened an account with $400. The account pays three percent...

algebra - The principal P is borrowed and the loan's future value, A, at time t ...

finance - The banks offers a rate of 8 1/4 percent with a 20percentcompensating ...

Business finance - In a discount interest loan, you pay the interest payment up...

business math - . Compute the amount of compound interest earned in 1 year for ...