Michele Gabrielle borrowed $6,000 for 3 months and paid $82.50 in simple interest on the loan. Find the annual simple interest rate that Michele paid on the loan. (Round your answer to the nearest tenth of a percent.)

Question

espex · Answer

For simple interest use: I=p*r*t

anonymous · Answer

i just have trouble rounding the number?

espex · Answer

i = 82.50, p = 6000, t = 3/12 $$\frac{82.50}{6000 * .25} = rate$$

Okay, what was your answer before rounding?

anonymous · Answer

0.00055

anonymous · Answer

soeey it 0.055

anonymous · Answer

sorry

espex · Answer

Unless I did  my math wrong you are a couple extra decimals off. For mine I got 0.05.5

espex · Answer

Okay, so 0.055, times 100 since they ask for percent, give you 5.5% Now just round to the nearest 10th.

anonymous · Answer

6.0?

espex · Answer

That is how I would interpret this problem. :)

anonymous · Answer

it didn't take that answer :(

espex · Answer

Personally I would have left it at 5.5%, but since it asks you to round then 6.0 seems to be the correct answer.

anonymous · Answer

well it took 5.5 Thanks Much :)

espex · Answer

You are welcome. :)