# Thread: annual rate of interest

1. ## 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 ?

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

Solve for $\displaystyle x$