Question

If Sheila paid $797.50 in interest on a 5 year loan of $5,800 for her first car, what was the interest rate? (Make sure you’ve changed the decimal to a %)

Answer 1

5800 times 5 times x percent=797,50
x=797 divide by 5800 times 5 equals 797.5 divided by 29000=0,0275
=2,75 percent

Answer 2

I = Prt
r = I/Pt
given
I = $797.50
P = $5,800
t = 5

so
r = I/Pt
r = 797.50 / (5,800 x 5)
r = 797.50 / 29,000
r = 0.0275
r = 2.75%

answer
r = 2.75%