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A loan of $940 was repaid at the end of 12 months with a check of $960 What annual rate of interest was changed

A loan of $940 was repaid at the end of 12 months with a check of $960 What annual rate of interest was changed
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a loan of $940 was repaid at the end of 12 months with a check of $960 What annual rate of interest was changed

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User Imochoa
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1 Answer

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960=940×12, 960=11,280
960÷11,280= 0.085 and that is the answer.
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User Lzydrmr
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