Quantitative methods - ordinary interest

[vanessa2905]

University Student Supplies needs funds to obtain books before the start of the semester. The store manager signed a promissory note with a face value of $24,300. Find the ordinary interest rate if the interest charges over 215 days are $675.

can anyone let me know the

 

[Deleted member 4993]

University Student Supplies needs funds to obtain books before the start of the semester. The store manager signed a promissory note with a face value of $24,300. Find the ordinary interest rate if the interest charges over 215 days are $675.

can anyone let me know the

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[HallsofIvy]

If the principal is P, interest rate is r% ordinary interest and the length of the loan is y years, then the amount of interest is \(\displaystyle \frac{r}{100}Py\).

Here you are told that P= 24300, the amount of interest is 675, and the length of the loan is \(\displaystyle \frac{215}{365}= \frac{43}{73}\).
Solve the equation \(\displaystyle \frac{r}{100} * 24300 * \frac{43}{73}= 675.\) Solve that equation for r.