menu
Qammunity.org
Login
Register
My account
Edit my Profile
Private messages
My favorites
URGENT PLEASE: You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple interest rate for the loan? Round to th…
Ask a Question
Questions
Unanswered
Tags
Ask a Question
URGENT PLEASE: You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple interest rate for the loan? Round to th…
asked
Sep 27, 2022
91.0k
views
9
votes
URGENT PLEASE: You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple interest rate for the loan? Round to the nearest tenth of a percent, if necessary.
Mathematics
high-school
Paulo Merson
asked
by
Paulo Merson
8.1k
points
answer
comment
share this
share
0 Comments
Please
log in
or
register
to add a comment.
Please
log in
or
register
to answer this question.
1
Answer
6
votes
Answer:
8%
Explanation:
The amount repaid is ...
A = P(1 +rt)
Filling in the given values, we can find r.
(18·28) = 450(1 +r(18/12)) . . . . . t is in years
504 = 450 + 675t
54/675 = 0.08 = 8%
The simple interest rate on the loan is 8%.
Anko
answered
Oct 4, 2022
by
Anko
7.9k
points
ask related question
comment
share this
0 Comments
Please
log in
or
register
to add a comment.
← Prev Question
Next Question →
Related questions
asked
Dec 7, 2018
172k
views
You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple interest rate for the loan? Round to the nearest tenth of a percent, if necessary.
Luke Irvin
asked
Dec 7, 2018
by
Luke Irvin
8.2k
points
Mathematics
middle-school
1
answer
2
votes
172k
views
asked
Oct 26, 2020
13.9k
views
you purchase a new guitar and take a loan for $450. you have 18 equal monthly payments of $28 each. what is the simple interest rate for the loan
Mr Purple
asked
Oct 26, 2020
by
Mr Purple
8.2k
points
Mathematics
middle-school
1
answer
0
votes
13.9k
views
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.
9.4m
questions
12.2m
answers
Categories
All categories
Mathematics
(3.7m)
History
(955k)
English
(903k)
Biology
(716k)
Chemistry
(440k)
Physics
(405k)
Social Studies
(564k)
Advanced Placement
(27.5k)
SAT
(19.1k)
Geography
(146k)
Health
(283k)
Arts
(107k)
Business
(468k)
Computers & Tech
(195k)
French
(33.9k)
German
(4.9k)
Spanish
(174k)
Medicine
(125k)
Law
(53.4k)
Engineering
(74.2k)
Other Questions
How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Twitter
WhatsApp
Facebook
Reddit
LinkedIn
Email
Link Copied!
Copy
Search Qammunity.org