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Math Help - annual rate of interest

  1. #1
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    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 ?
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  2. #2
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    Try \displaystyle \frac{9}{12}\times \frac{x}{100}\times 1600=48

    Solve for \displaystyle x
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