24. Anton borrowed $460 for a new bicycle. He made 9 monthly payments to repay the loan. He paid $60 interest. What is his simple interest rate?

7.67%
13.0%
9.75%
10.2%
17.4%

17.4%

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E is the interest amount, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time, in year.

In this question:

He borrowed $460, so

Paid $60 interest, so

9 months. So

We have to find I.

So the correct answer is:

17.4%

answer: 1inch=7days  

12inch=12*7=84days

step-by-step explanation: