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%= 0.2121052632Therefore, 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.
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.
Expert Answer
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