Register
The simple interest on a loan of $10405 over 6 years is $1872.90. Find the interest rate.
79.3k views
11 votes
The simple interest on a loan of $10405
over 6 years is $1872.90. Find the interest rate.

User Job Martinez
by
3.4k points

2 Answers

6 votes
r=0.003t+30 is what i got
User Dan Ross
by
3.2k points
7 votes

Answer:

  • Interest rate is 3%

Explanation:

Given

  • Loan P = $10405
  • Interest rate r = ? simple
  • Interest amount I = $1872.90
  • Time t = 6 years

Use the Interest formula to find the rate:

  • I = Ptr
  • 1872.9 = 10405*6*r
  • r = 1872.9/62430
  • r = 0.03 = 3%
User TasosZG
by
3.4k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

3.4m questions

4.3m answers

Other Questions

A study was completed in Florida. In southern Florida, the study involved 3,000 patients; 54% of them experienced flulike symptoms during the same month. The study had a margin of error of 1.8%. What does
The sanchez family goes out for dinner, and the price of the meals is $60. The sales tax on the Meals is 7 percent, and they also want to leave a 15 percent tip. What is the total cost of the meal? Analyze
Simplify: 10 ÷ [(5 + 2) − 5]
A survey of 539 adults aged 18-24 year olds was conducted in which they were asked what they did last Friday night. It found: 189 watched TV 163 hung out with friends 29 watched TV and ate pizza, but did
WHAT IS 33 TIMES 5 TELL ME THE ANWER
Link Copied!