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:

The formula to find the simple interest is given by :-

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

Given : P = $19,100 , I=$9932.00 and t= 4 years

Substitute all the above values in the formula , we get

`9932.00=(19100)r(4)\\\\\Rightarrow\ r=(9932)/(19100*4)\\\\\Rightarrow r=(13)/(100)=0.13`

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

Hence, the rate of interest = 13%