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18 June, 13:18

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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  1. 18 June, 13:42
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    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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