katkay02 katkay02

21-10-2016
Mathematics

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John bought a TV that had a list price of $800. He agreed to a payment plan of 12 monthly payments at $80 per month. what is the simple interest rate?

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ampofoeugenia7 ampofoeugenia7

21-10-2016

The formula for finding rate is R=(I*100)/PT where I is simple interest(800) is principal R is rate and T is time(12 months=1 year) so R=(80*100)/(800*1)=8000/800=10% so rate is 10%

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