Dante took out a 20,000 loan for 146 days and was charged simple rate the total interest he paid on the loan was $488 as a percentage what was the annual interest rate of dantes loan

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Question:

Dante took out a 20,000 loan for 146 days and was charged simple rate the total interest he paid on the loan was $488 as a percentage what was the annual interest rate of dantes loan

Answers

The simple interest rate that was paid on the loan by Dante was 6.1%Simple interest = PRT/100where,P = Principal = 20000R = Rate = UnknownT = 146 days = 146/365 = 0.4 yearsInterest = 488Therefore, 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/100488 = (20000 × R × 0.4)/100Cross multiply.488 × 100 = 8000R48800 = 8000RR = 48800/8000R = 6.1%The annual Interest rate was 6.1%Read related link on:https://brainly.com/question/24897224

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