Question

The simple interest on $900 for 3 years was %108, what was the rate of interest?

Answer 1

Answer:

Divide your interest rate by the number of payments you'll make in the year (interest rates are expressed annually). So, for example, if you're making monthly payments, divide by 12. 2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.

Step-by-step explanation: