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A musician borrows 2200 to buy a trumpet the length of the loan is 3 years and the total simple interest owed will be 792

what is the annual rate of interest written as a percent on the musicains loans for the trumpet

User Tau
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1 Answer

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To find the annual rate of interest as a percent on the musician's loan for the trumpet, we can use the simple interest formula:

$$\sf\:I = P \cdot r \cdot t \\$$

Where:

  • - I is the total interest owed (792 in this case)
  • - P is the principal amount (2200 in this case)
  • - r is the annual interest rate (what we need to find)
  • - t is the length of the loan in years (3 in this case)

We can rearrange the formula to solve for r :

$$\sf\:r = \frac{I}{P \cdot t} \\$$

Substituting the given values:

$$\sf\:r = \frac{792}{2200 \cdot 3} \\$$

Now, we can calculate the value of r :

$$\sf\:r = \frac{792}{6600} \\$$

Simplifying the fraction:

$$\sf\:r = 0.12 \\$$

To express this as a percentage, we multiply by 100:

$$\sf\:r = 0.12 \times 100 \\$$

Therefore, the annual rate of interest on the musician's loan for the trumpet is 12%.

User Neil Weicher
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