arianapowell56
11.02.2020 •
Mathematics
The maturity value of a 50-day loan of $550 is $560. What is the annual simple interest rate (in percent) on this loan? Round to the nearest tenth of a percent. Use 360 days in 1 year.
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Ответ:
13.1%
Step-by-step explanation:
Principal value of the loan = $550
Maturity Value of the loan = $560
Let the rate of simple interest = R
Time = 50 days =![\[\frac{50}{360}\]](/tpl/images/0506/6094/3179e.png)
years
Simple Interest = Maturity Value - Principal Value = $560 - $550 = $10
But Simple Interest =![\[\frac{Principal * R * Time}{100}\]](/tpl/images/0506/6094/69dc9.png)
Substituting,![\[10 = \frac{550 * R * 50/360}{100}\]](/tpl/images/0506/6094/b6cc7.png)
Ответ:
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