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

Question

helder_edwin · Answer

if r is the annual interest rate then r/12 is the monthly interest rate

helder_edwin · Answer

so u have
$$ \large i=p\cdot\frac{4r}{12} $$

helder_edwin · Answer

do u get this?

anonymous · Answer

kinda.. my answer choices are
A.r=10.53%
B.r=0.10%
C.r=7.4%
D.r=9.5%
so would the answer be A ..?

helder_edwin · Answer

u have i=202.79          p=6404
plug in and solve for r
it is easy

anonymous · Answer

how do i plug it in?

anonymous · Answer

9.5?!

helder_edwin · Answer

OK
$$ \large 202.79=6404\cdot\frac{4r}{12} $$

helder_edwin · Answer

this is an equation for r
can u solve this?

helder_edwin · Answer

u r right it is 9.5%

anonymous · Answer

thankyou!!

helder_edwin · Answer

u r w