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Use the ordinary interest method to find the rate of interest that Make Over Picture Photo pays on a loan of $8,000 for 285 days, if the amount of interest is $590.00. (Round your answer to the nearest tenth percent)

Respuesta :

Onoriodefelix

Answer:

0.03%

Step-by-step explanation:

Simple interes = PRT/100

Given

Interest = $590.00

Principal P = $8000

Time T = 285 days

Rate = ?

Since I = PRT/100

R = 100 x I /PT

= 100 x $590.00 /$8000 x 285

Multiply through

= 59000/2280000

= 0.03%

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