simbluesky336 simbluesky336

24-02-2022
Mathematics

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After 8 months , $750 simple interest was owed on a loan of $9,000. find the annually interest rate.

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devishri1977 devishri1977

24-02-2022

Time = 8 months =8/12=2/3 years
P=$9000
I=$750
Rate of interest = (I * 100)/P*t
= (750*100)/9000 * [2/3]
= 75000/3000*2
= 12.5%

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