Answer :
Answer:
It looks like you're trying to figure out the interest rate on a loan! Let me help you with that.
Let's break down this problem step-by-step:
1. Find the amount of interest:
* Subtract the original loan amount from the total repayment amount: $3276.80 - $3200 = $76.80
2. Calculate the interest rate for the 90-day period:
* Divide the interest amount by the original loan amount: $76.80 / $3200 = 0.024
Multiply that number by 100 to express it as a percentage: 0.024 100 = 2.4%
3. Calculate the annual interest rate:
Since there are four 90-day periods in a year (360 days / 90 days = 4), multiply the 90-day interest rate by 4: 2.4% 4 = 9.6%
Therefore, the annual interest rate on the loan is 9.6%.
Step-by-step explanation:
*in answer
