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Mathematics 7 Online
OpenStudy (anonymous):

Dex borrowed $4,200 to buy furniture. He will be paying $108.50 per month for the next 48 months. Find the simple interest rate for his loan.

OpenStudy (anonymous):

To solve this problem, take the monthly payment and multiply it by the number of months to find the total cost of the loan, $5,208.00. Then subtract the original loan amount of 4,200 to find the total interest paid, 1,008. Divide that by the loan amount, $4,200 and divide by 4 years for a loan rate of 6.0% per year.

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