Question

Asked Jan 29, 2019

2. If a person borrows $475 at the beginning of the month and promises to pay back $575.75 on payday at the end of the month,

a) What is their monthly interest rate [(Final-Initial)/Initial*100%]? minus: 0

($575.75-$475) / $475 x 100%

$100.75 / $475 x 100%= 0.2121052632

Therefore, monthly interest rate is 0.2121052632%

i worked out the answer but just wanting know if i should let the answer remain in that long decimal places. thamks.

Step 1

Starting amount=$475

Amount at the ...

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