Respuesta :
The annual percentage rate (APR) for Saul loan who paid off a loan with a simple interest rate of 4.7% in 9 months is 6.3%.
What is equivalent ratio?
Equivalent ratio is the ratio which is same in the value as the original ratio but the numerator and denominator is different for both the ratios.
Saul paid off a loan with a simple interest rate of 4.7% in 9 months. Here, the rate of interest is 4.7%. The time period is 9 months. Thus, the ratio for rate to month is,
[tex]r=\dfrac{4.7}{9}[/tex]
Let the annual percentage rate (APR) is x%. Thus, the rate in 12 months is,
[tex]\text{12 months - x\%}[/tex]
[tex]r=\dfrac{x}{12}[/tex]
Comparing both the ratios,
[tex]\dfrac{x}{12}=\dfrac{4.7}{9}\\x=\dfrac{4.7}{9}\times 12\\x\approx 6.3\%[/tex]
Hence, the annual percentage rate (APR) for Saul loan who paid off a loan with a simple interest rate of 4.7% in 9 months is 6.3%.
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