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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%
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