robert7248
07.11.2020 •
Mathematics
George borrowed $6,500 from the bank. 5 years later, George owes the bank $7,800. What was the percentage rate of simple interest on the loan?
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Ответ:
Rate of simple interest = 4%
Step-by-step explanation:
Formula for simple interest is;
A = P(1 + rt)
Where;
P is principal
r is rate
t is time
Now, we are told that he borrowed $6,500 from the bank and that 5 years later, he owes the bank $7,800.
This means;
P = 6500
t = 5 years
A = 7800
Thus;
7800 = 6500(1 + 5r)
7800/6500 = 1 + 5r
1.2 = 1 + 5r
Subtract 1 from both sides to get;
1.2 - 1 = 1 - 1 + 5r
0.2 = 5r
r = 0.2/5
r = 0.04 or 4%
Ответ:
ok
Step-by-step explanation: