After 8 months 750 dollars simple interest was owed on a loan of 9000 dollars. find the annual interest rate

The Rate of Interest  = 12.5 % on P = $9,000.

Step-by-step explanation:

The principal amount = $9,000

Let the rate of interest = R

Time = 8 months = (8/12) year = 2/3 year

Simple Interest  = $750

SIMPLE INTEREST =

or,

or, R = 2,25,000/18,000  = 12.5

⇒ R = 12.5%

Hence, the Rate of Interest  = 12.5 % on P = $9,000.

step-by-step explanation:

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