Explanation Given Information: The amount borrowed by the owner of restaurant 7 th Inning is $ 1800 for 1 1 2 year and the interest paid is $ 202.50 . Interest is basically the amount that is paid on the particular amount borrowed or deposited for a specific time period at a particular rate of interest r % . For example, consider the amount P that is borrowed for T number of years with r % rate of interest annually. The interest is then calculated by applying the formula I = P R T R = I P T The strategy to estimate the rate of interest is as follows: First determine the amount, which is P, time period T and the interest I by rounding the values. Then, Divide the interest with the multiplication of principal and time. Consider the P, $ 1800 for 1

Pearson eText for Business Math -- Instant Access (Pearson+)

11th Edition

ISBN: 9780137518883

Author: Cheryl Cleaves, Margie Hobbs

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Chapter 11, Problem 3CT

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The strategy that is used to estimate the rate of interest if the amount borrowed by the owner of restaurant 7th Inning is $1800 for 112 year and the interest paid is $202.50.

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Chapter 11, Problem 2CT

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The strategy that is used to estimate the rate of interest if the amount borrowed by the owner of restaurant 7 th Inning is $ 1800 for 1 1 2 year and the interest paid is $ 202.50 .

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The strategy that is used to estimate the rate of interest if the amount borrowed by the owner of restaurant 7th Inning is $1800 for 112 year and the interest paid is $202.50.

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