math

posted by .

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.

  • math -

    25.26

  • math -

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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    if a loan is given for 2,500 for 1 year and the interest charged is 275 dollars what is the interest rate on the loan?
  2. math

    The total amount of interest on a loan of $6,000 for 150 days is 210.50.Using the ordinary interest method,what is the rate of interest on this loan?
  3. Math

    Mr. Nielson wants to borrow $1,000 for 2 years. He is given the choice of i) simple interest at 12%, or ii) a loan at 10% compounded monthly. Which loan results in less interest due ?
  4. Math

    Find the finance charge (interest) due on a 9-month loan of $2,400 at a simple interest rate of 10%.(Use the formula for simple interest: Interest Earned = Principal×Rate×Time) (a)$ 18.00 (b)$ 1,800 (c)$ 180 (d)$ 1.80 (e)$ 18 I put …
  5. math

    The total amount of interest on a loan of $6,000 for 150 days is $210.50. Using the ordinary interest method, what is the rate of interest on this loan?
  6. business math

    Using the exact interest method (365 days), find the amount of interest on the following loan Principal Rate (%) Time (days) Exact Interest $1,700 12½ % 33
  7. VBA Programming

    I'm trying to create a macro that asks for a loan between 1 dollar and 5 million, and returns different interest rates based on the amount of the loan. For some reason when I type in different loan amounts it automatically makes my …
  8. math

    The total amount of interest on a loan of $6,000 for 150 days is $210.50. Using the ordinary interest method, what is the rate of interest on this loan?
  9. math

    The Sandersons are planning to refinance their home. The outstanding principal on their original loan is $110,000 and was to amortized in 240 equal monthly installments at an interest rate of 11%/year compounded monthly. The new loan …
  10. Business Math icom 1

    Find the ordinary interest in a loan of Rs.2600 at 10 % simple interest from January 5 to February 10.?

More Similar Questions