Question: The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r to the

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r to the nearest tenth of a percent. P = $4000.00, A = $4040.00, l: = 3 months El% (Round to the nearest tenth of a percent.) If you paid $36 to a loan company for the use of $1 ,024 for 101 days, what annual rate of interest did they charge? (Assume a 360-day year.) E> The annual rate of interest is |:|%. (Round to three decimal places.)

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