annual rate of interest

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February 10th 2011, 10:47 PM
SamanthaMathGirl

annual rate of interest

If P1,600 earns P48 in 9 months, what is the annual rate of interest ? What is the monthly interest rate ?

My answer for the first question is 4%. Am I correct ?
February 10th 2011, 11:05 PM
pickslides

Try $\displaystyle \frac{9}{12}\times \frac{x}{100}\times 1600=48$

Solve for $\displaystyle x$

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