Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Get expert answers to your questions quickly and accurately from our dedicated community of professionals. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

If a business borrows $12,600 and repays $23,940 in 5 years, what is the simple interest rate? ​

Sagot :

Space

Answer:

18%

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

  1. Brackets
  2. Parenthesis
  3. Exponents
  4. Multiplication
  5. Division
  6. Addition
  7. Subtraction
  • Left to Right  

Equality Properties

  • Multiplication Property of Equality
  • Division Property of Equality
  • Addition Property of Equality
  • Subtraction Property of Equality

Algebra I

Simple Interest Rate Formula: A = P(1 + rt)

  • P is principle amount
  • r is rate
  • t is time

Step-by-step explanation:

Step 1: Define

Identify variables

P = 12600

A = 23940

t = 5

Step 2: Solve for r

  1. Substitute in variables [Simple Interest Rate Formula]:                                 23940 = 12600(1 + 5r)
  2. [Division Property of Equality] Divide 12600 on both sides:                         19/10 = 1 + 5r
  3. [Subtraction Property of Equality] Subtract 1 on both sides:                         9/10 = 5r
  4. [Division Property of Equality] Divide 5 on both sides:                                  9/50 = r
  5. Rewrite:                                                                                                             r = 9/50
  6. Evaluate:                                                                                                           r = 0.18
  7. Convert:                                                                                                            r = 18%
Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.