aspenwheeler6099 aspenwheeler6099

03-03-2020
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A plumber has a car payment of $250 per month. $225 of which goes to paying off the principal, and the rest goes towards the interest. What percent is being payed for interest

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shakti560 shakti560

03-03-2020

Answer:

Rate=R%=11.1111%

Explanation:

Given,

Amount=A=$250 (per month)

Principal=P=$225 (per month)

Interest=A-P=$250-$225=$25 (per month)

Time=1 month

Rate=R%=?

S.I=P×R%×T/100

25=225×R%×1/100

25×100/225=R%

R%=100/3

R%=11.1111%

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