Register
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
232k views
5 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

User Lemmons
by
9.0k points

1 Answer

3 votes
Simple interest formula
I=ptr which is interest = principal x time x rate
Your equation will be
3240=18000(6)(r)
You will multiply 18000x6 =108000
Then your equation will be
3240=108000(r) and you will divide 3240/108000= .03 which would be 3%
User Chrmue
by
8.4k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
Link Copied!