Interest based math word problems

label Mathematics
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schedule 1 Day
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if the principal amount is $6000 and the interest is $300  with a time of 270 days. What is the annual interest rate %

Jun 22nd, 2015

Thank you for the opportunity to help you with your question!

Int=Principal *rate *time 

Int=P*R*T(months)

Time=270 days=9 months

300=6000*R*9/12

300=6000*9/12*R

300=4500R

R=6.67%


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Jun 22nd, 2015

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