Frank took out a $ 15,000 loan for 219 days and was charged simple interest. The total interest he paid on the loan was $711 . As a percentage, what was the annual interest rate of Frank's loan?
Added by Lucinda S.
Step 1
In this case, we know that I = $711, P = $15,000, and T = 219/365 (since there are 365 days in a year). We can plug these values into the formula and solve for R: $711 = $15,000 * R * (219/365) To isolate R, we divide both sides of the equation by $15,000 * Show more…
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