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Jayin borrowed $1,525 for a new stereo system. He made 10 monthly payments to repay the loan. He paid $225 interest. What is his simple interest rate?

Jayin borrowed $1,525 for a new stereo system. He made 10 monthly payments to repay the loan. He paid $225 interest. What is his simple interest rate?
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Jayin borrowed $1,525 for a new stereo system. He made 10 monthly payments to repay the loan. He paid $225 interest. What is his simple interest rate?

asked
User Nistvan
by
8.1k points

1 Answer

2 votes

Answer:

17.7%

Explanation:

answered
User Scarl
by
8.7k points
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