Answer to Question #5204 in Abstract Algebra for Homework

Abstract Algebra

Question #5204

Mr. Fuller has paid $144 in interest on a loan of 1,800 borrowed for a year. What is the rate of interest on the loan?

Expert's answer

Let x % be rate of interest (in percents). As Mr. Fuller has paid $144,
then:
144 = 1800*x/100.
So, we get x = 144*100/1800 = 8 %.

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