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the total amount of interest on this loan of $6000 for 150 days is $210.50.

what is the rate of interest on this loan?

If not compounded, or simple interest, then
Interest=Principal(rateinterest)*time

Here time is 5/12 of a year, you are given the interest and principle. Figure the rate of interest.

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3 answers

  1. 25.26

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  2. Vicky was charged $456 interest for 1 month on a $2400 credit card balance. What was the monthly interest rate?

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  3. I = Po*r*t = 210.50.
    6000*(r/360)*150 = 210.50,
    2,500r = 210.50,
    r = 0.0842 = 8.42%.

    I = Po*r*t = 456.
    2400*(r/12)*1 = 456,
    r = 2.28 = 228%/yr. = APR.
    MPR = 228/12mo. = 19%/mo.

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