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The simple interest on a loan of $10405 over 6 years is $1872.90. Find the interest rate.
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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
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