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Answer :
Final answer:
Trevon is being charged a simple interest rate of approximately 46.6% annually for his loan.
Explanation:
In this situation, Trevon is borrowing $3600 and needs to pay back $5000 ($3600 + $1400 fee). This implies that the simple interest he's being charged is $1400 over 11 months. To express this as a simple annual interest rate, we would usually divide the interest by the principal and then multiply by 100 to get a percentage.
However, this would give us the rate for 11 months, not for a year. To get the annual rate, we need to adjust the ratio by multiplying by 12/11. So, the annual simple interest rate can be found with the formula: Rate = Interest/Principal * 100 which becomes: Rate = $1400/$3600 * 12/11 * 100 = 46.6% approximately.
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