Question

Determine the loans and simple interest rate to the nearest 10th of a percent. P.S IF U DON’T KNOW DON’T COME ON HERE ACTING CHILDISH ✌️

Answer 1

9.0 % per year

Explanation:

The formula for simple interest is

I = Prt

Divide each side by Pt

r = I/(Pt)

Data:

P = $2000

A = $2150

t = 10 mo

Calculations:

1. Calculate the interest

I = A - P = 2150 - 2000 = $150

2. Convert the time to years

t = 10 mo × 1 yr/12 mo = ⅚ yr

3. Calculate the interest rate

r = I/(Pt) = 150/(2000× ⅚)= 150/2000 × ⁶/₅ = 0.075 × 1.2 = 0.090 = 9.0 %

The simple interest rate is 9 % per year.