Question

Begin by clearly stating the problem; you can copy this from the problem set file. Show how you solved the problem step by step, including any formulas or equations that you used. Finally, state your final answer in a complete sentence, and make sure that you include the correct units with you answer.

1.)Albert borrowed $19,100 for 4 years. The simple interest is $9932.00. Find the rate.

Answer 1

Answer: 13%

Explanation:

We know that the formula to find the simple interest :

`I=Prt`, where P is the principal amount , r is rate (in decimal )and t is the time period (in years).

Given : Albert borrowed $19,100 for 4 years. The simple interest is $9932.00. Find the rate.

i.e. P = $19,100 and t= 4 years and I = $9932.00

Now, Substitute all the values in the formula , we get

`9932=(19100)r(4)\\\\\Rightarrow\ r=(9932)/(19100*4)\\\\\Rightarrow\ r=0.13\ \ \ \text{[On simplifying]}`

In percent,
`r=0.13*100\%=13\%`

Hence, the rate of interest = 13%