Answered

Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Explore in-depth answers to your questions from a knowledgeable community of experts across different fields. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Lily took out a 5-year loan from the bank for 31000.00 to purchase a new car. At the end of the loan, she paid a total of 37975. Find the interest rate on the loan.

Sagot :

flaringcrystal

Answer:

24.5%

Step-by-step explanation:

Simple Interest = (principal×rate×time)÷100. *Brackets First*

Transpose the formula to make rate the subject: rate= (100×simple interest) ÷ (principal×time).

Plug in values: rate = (100×37975) ÷ (31000×5).

The result is 24.5%.

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.