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You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple interest rate for the loan? Round to the nearest tenth…

You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple interest rate for the loan? Round to the nearest tenth…
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You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple interest rate for the loan? Round to the nearest tenth of a percent, if necessary.

asked
User Luke Irvin
by
8.2k points

1 Answer

1 vote
18*28/450=1.12
(1.12-1)*100=12%
Simple interest rate of the loan is 12%
answered
User Billmaya
by
8.0k points
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