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You borrow $18,000 to buy a new car. You will pay $3,240 in simple interest at the end of 6 years. What is the annual interest rate on your purchase? Use the formula: I = Prt.

You borrow $18,000 to buy a new car. You will pay $3,240 in simple interest at the end of 6 years. What is the annual interest rate on your purchase? Use the formula: I = Prt.
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2 votes
You borrow $18,000 to buy a new car. You will pay $3,240 in simple interest at the end of 6 years. What is the annual interest rate on your purchase? Use the formula: I = Prt.

User Paghillect
by
8.5k points

2 Answers

4 votes

Answer:

3%

Explanation:

User ConceptSeeker
by
8.0k points
5 votes
I = PRT/100
3240 = 18 000 * R * 6 /100
3240 = 180*R*6
3240 / (180*6) = R
3 = R
so the rate will be 3%.
User Ermiya Eskandary
by
7.9k points
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