juliemorales570 juliemorales570

09-03-2021
Mathematics

contestada

The simple interest on a loan of $10405
over 6 years is $1872.90. Find the interest rate.

Respuesta :

mhanifa mhanifa

09-03-2021

Answer:

Interest rate is 3%

Step-by-step explanation:

Given

Loan P = $10405
Interest rate r = ? simple
Interest amount I = $1872.90
Time t = 6 years

Use the Interest formula to find the rate:

I = Ptr
1872.9 = 10405*6*r
r = 1872.9/62430
r = 0.03 = 3%

Answer Link

jaylinedwards66 jaylinedwards66

09-03-2021

r=0.003t+30 is what i got

Answer Link

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