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.)
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OpenStudy (espex):
For simple interest use: I=p*r*t
OpenStudy (anonymous):
i just have trouble rounding the number?
OpenStudy (espex):
i = 82.50, p = 6000, t = 3/12 \[\frac{82.50}{6000 * .25} = rate\]
Okay, what was your answer before rounding?
OpenStudy (anonymous):
0.00055
OpenStudy (anonymous):
soeey it 0.055
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OpenStudy (anonymous):
sorry
OpenStudy (espex):
Unless I did my math wrong you are a couple extra decimals off. For mine I got 0.05.5
OpenStudy (espex):
Okay, so 0.055, times 100 since they ask for percent, give you 5.5% Now just round to the nearest 10th.
OpenStudy (anonymous):
6.0?
OpenStudy (espex):
That is how I would interpret this problem. :)
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OpenStudy (anonymous):
it didn't take that answer :(
OpenStudy (espex):
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.