Problema Solution
you borrow $2000 from your parents so you could go to europe this summer. you agree to pay them back $2500 in 6 months. what is the annumal rate of intrest?
Answer provided by our tutors
let 'r' represent the annual rate of interest
2000(1 + r(6/12)) = 2500
by solving we find:
r = 0.5 or 50%
click here to see the step by step solution of the equation:
the annual rate of interest is 50%.