What is the annual interest rate if $3,600 was borrowed and $4,248 was paid back after 18 months?

1 Answer
May 14, 2018

So let start by diving 3,600 by 4248.

#(3600)/(4248)# = 0.847457627

Now, rounding that to the next number, I would say about 0.85 or 85%

So since you are asking for annual interest rate, it would have to be I think around 0.070833333