aminahrodgers13 aminahrodgers13

15-10-2018
Mathematics

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If Jack borrowed $200 and repaid $226 at the end of two years, what was the interest rate?

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Аноним Аноним

15-10-2018

The interest rate is 6.5% per year.

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Аноним Аноним

15-10-2018

If Jack borrowed $200 and ended up paying $226 at the end, his interest rate is about $1.08.

To get this answer, we would have to divide. His interest was probably paid monthly, therefore we´ll be dividing by 24 (two years).

Furthermore...

26 ÷ 24 = 1.08 per month.

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