Question

Calculate the annual rate of simple interest on the loan. I already solved the problem, I just wanted to see if I’m correct

Answer 1

Step 1

Given;

Step 2

State the formula

`Interest=(Principal* Rate* Time)/(100)`
`444=(18690* Rate*(15)/(12))/(100)`
`\begin{gathered} 44400=1.25*18690* Rate \\ Rate=(1184)/(623) \\ \\ \end{gathered}`

Answer;

`Rate=1.9\text{\%}`