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

Answer 1

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

Answer 2

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

Answer 3

do u get this?

Answer 4

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 ..?

Answer 5

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

Answer 6

how do i plug it in?

Answer 7

9.5?!

Answer 8

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

Answer 9

this is an equation for r
can u solve this?

Answer 10

u r right it is 9.5%

Answer 11

thankyou!!

Answer 12

u r w