Question

@31356 plz help! :D

So I have another question..

Kyle paid $96 in interest to borrow $7200 for 4 months.

What annual interest rate did Kyle pay?
A.
1.33%
B.
4%
C.
5.33%
D.
16%

so would I take the $7200*..? and that's where im stuck

Answer 1

Let me see........

Answer 2

Hmm..........

Answer 3

I gave u a medal now..so I would not forget lol :D

Answer 4

Thanks! lol :D

Answer 5

lol yeah :D

Answer 6

So you have to change $96 into a percentage first.

Answer 7

ok so that is.. 0.096??

Answer 8

or.. 9600% ?

Answer 9

Oh sorry, I was helping my brothers.

Answer 10

lol..GOOD SISTER! lol

Answer 11

Thanks :D

Answer 12

Here, she can help, since I have to help my brothers for a while. :D
@MelissaHolmes

Answer 13

ok :D

Answer 14

so 96 is just a number...

Answer 15

Yea, $

Answer 16

Or dollars, lol

Answer 17

yes

Answer 18

Or ask @whpalmer4 for more help?

Answer 19

\[I = Prt\]\[P = 7200\]\[I = 96\]\[t=4/12\]\[I=Prt\]\[\frac{I}{Pt} = r\]\[r = \frac{96}{7200*(4/12)} = \]

Answer 20

The value of \(r\) will be a decimal, which you will convert to a percentage by multiplying with 100%