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OpenStudy (anonymous):
Nestor borrows $10,000 from the shady loan shark, Mr. Wildcat. Mr. Wildcat tells him he must repay the loan in 1 month and pay an additional $1000 in interest. If Mr. Wildcat is charging simple interest on his loan, what is the annual interest rate?
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jimthompson5910 (jim_thompson5910):
Hint: The formula is i = Prt In this case, i = 1000, P = 10000, r = x and t = 1/12
jimthompson5910 (jim_thompson5910):
Plug everything in and then solve for x
OpenStudy (anonymous):
Thank you!
jimthompson5910 (jim_thompson5910):
yw
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