Answer:
hence rate interest r = 41.176%
Step-by-step explanation:
The amount borrowed= $680
amount payed back = $750
therefore, interest incurred = 750-680= $70
time, t= 3 months = 3/12= 0.25 years
rate%, r
we know that SI= [tex]\frac{PRT}{100}[/tex]
70= [tex]\frac{680\timesr\0.25}{100}[/tex]
r=[tex]\frac{7000}{0.25\times680} = 41.176[/tex]
hence rate interest r = 41.176%
