My Math Forum I need to know if interest charged is more than 10%pa.

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 March 16th, 2015, 01:50 PM #1 Newbie   Joined: Mar 2015 From: los angeles Posts: 12 Thanks: 0 I need to know if interest charged is more than 10%pa. Beginning in February. If the first bill in August is for \$64.37, and the second bill in December is for \$93.02, what rate is interest accruing at if the principal is \$1660.26? p.s. the bill is the interest charged. Last edited by skipjack; March 18th, 2015 at 09:36 PM. March 18th, 2015, 08:40 PM #2 Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,584 Thanks: 1038 Quote:  Originally Posted by bitencrypt Beginning in February. If the first bill in August is for \$64.37, and the second bill in December is for \$93.02, what rate is interest accruing at if the principal is \$1660.26? p.s. the bill is the interest charged.
[(93.02 - 64.37) / 4 * 12] / 1660.26 = .051769...
So rate slightly above 5%.

Last edited by skipjack; March 18th, 2015 at 09:37 PM.

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