Using the simple interest formula, it is found that the APR for the loan is of 4.472%.
<h3>What is the simple interest formula and when it is used?</h3>
Simple interest is used when there is a single compounding per time period.
The amount of money after t years in is modeled by:
![A(t) = A(0)(1 + rt)](https://tex.z-dn.net/?f=A%28t%29%20%3D%20A%280%29%281%20%2B%20rt%29)
In which:
- A(0) is the initial amount.
- r is the interest rate, as a decimal.
The parameters for this problem are:
A(t) = 6 x 511.18 = 3067.08, A(0) = 3000, t = 0.5.
We solve the equation for r to find the APR.
![A(t) = A(0)(1 + rt)](https://tex.z-dn.net/?f=A%28t%29%20%3D%20A%280%29%281%20%2B%20rt%29)
![3067.08 = 3000(1 + 0.5r)](https://tex.z-dn.net/?f=3067.08%20%3D%203000%281%20%2B%200.5r%29)
![1 + 0.5r = \frac{3067.08}{3000}](https://tex.z-dn.net/?f=1%20%2B%200.5r%20%3D%20%5Cfrac%7B3067.08%7D%7B3000%7D)
1 + 0.5r = 1.02236
r = (1.02236 - 1)/0.5
r = 0.04472.
More can be learned about simple interest at brainly.com/question/25296782
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C.7/20
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Answer:
The answer is <u>3.2</u>
Step-by-step explanation:
- <em>8 x 40</em>
- <em>________</em>
- <em>100</em>
- <em> = 3.2</em>
Answer: The car will travel 30 2/3 miles in 45 minutes.
Answer: 150, 80
Step-by-step explanation: