Use the simple interest formula to find the missing value. Rates are annual rates. Assume 360 days per year and 30 days per month. p = $6404, r = ?, t = 4 months, i = $202.79
A. r = 10.53%

B. r = 0.10%

C. r = 7.4%

D. r = 9.5%

Question

Use the simple interest formula to find the missing value. Rates are annual rates. Assume 360 days per year and 30 days per month. p = $6404, r = ?, t = 4 months, i = $202.79
A. r = 10.53%	

B. r = 0.10%	

C. r = 7.4%	

D. r = 9.5%

anonymous · Answer

I=P r t

anonymous · Answer

huh ?

anonymous · Answer

well just plug in i think t is in years so it be 360/(4*30)

anonymous · Answer

oops (4*30)/360 is t

anonymous · Answer

its comes out to be 0.333333333333333333333333

anonymous · Answer

and that aint one of the options

anonymous · Answer

it wrong then let me give it a try

anonymous · Answer

kk

anonymous · Answer

p = $6404, r = ?, t = 4 months, i = $202.79
A. r = 10.53%

i= p r t

202.79=6404*x*(4*30)/360

anonymous · Answer

it is d
x=0.0949
move decimal over 2 to right and round up

anonymous · Answer

9.5%