Chapter 10, Problem 14AT

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Chapter
Section

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Compute the rate for the following loans. Round answers to the nearest tenth of a percent$50,000 _______ 9 months$4,500

To determine

To calculate: The rate of interest where principal invested is $50,000, time period is 9 months and interest amount is$4,500.

Explanation

Given Information:

Principal invested is $50,000, time period is 9 months and interest amount are$4,500.

Formula used:

The formula to compute the rate of interest is,

R=IPT

Where, P is the principal amount, I is the amount of interest, R is the rate of interest, T is the time period.

Calculation:

Consider that interest amount is $4,500, principal invested is$50,000, time period is 9 months

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