Answered

Welcome to Westonci.ca, the ultimate question and answer platform. Get expert answers to your questions quickly and accurately. Discover reliable solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rater.
P = $9000.00, A = $12150.00, t = 5 years
% (Round to the nearest tenth of a percent as needed.)

Sagot :

debmc7
Interest rate = 7%

I= PRT where I is the interest earned, p is the principal, r is rate as a decimal, and t is time in years.


A - P will give us the interest earned.

12,150 - 9,000 = 3,150

3150 = (9000)(r)(5)
3150 = 45,000r
r = 0.07
r = 7%

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.