# annual rate of interest

• Feb 10th 2011, 11:47 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 ?
• Feb 11th 2011, 12:05 AM
pickslides
Try $\displaystyle \frac{9}{12}\times \frac{x}{100}\times 1600=48$

Solve for $\displaystyle x$