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Sagot :
The simple interest rate that was paid on the loan by Dante was 6.1%
Simple interest = PRT/100
where,
P = Principal = 20000
R = Rate = Unknown
T = 146 days = 146/365 = 0.4 years
Interest = 488
Therefore, in order to solve the question, we'll slot the values of the terms above into the formula and this will be:
Simple interest = PRT/100
488 = (20000 × R × 0.4)/100
Cross multiply.
488 × 100 = 8000R
48800 = 8000R
R = 48800/8000
R = 6.1%
The annual Interest rate was 6.1%
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