1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zvonat [6]
1 year ago
10

James paid off the loan on his motorboat in the year 2006. He originally borrowed $6500 to buy the boat, but with simple annual

interest, he discovered that he paid a total of $8775 over the life of the loan. If James’s annual interest rate was 7%, in what year did his loan begin?
Mathematics
1 answer:
lara [203]1 year ago
6 0

Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. The number of years for which James took the loan is 5.

<h3>What is simple interest?</h3>

Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. It is calculated with the help of the formula,

Amount after T years = P + SI

SI = PRT

where SI is the simple interest, P is the principal amount, R is the rate of interest, and T is the time period.

James paid off the loan on his motorboat in the year 2006. He originally borrowed $6500 to buy the boat, but with simple annual interest, he discovered that he paid a total of $8775 over the life of the loan. Also, the annual interest rate is 7%. Therefore,

A = P + (PRT)

8775 = 6500 + (6500×0.07×T)

2275 = 6500×0.07×T

T = 5

Hence, the number of years for which James took the loan is 5.

Learn more about Simple Interest:

brainly.com/question/2793278

#SPJ1

You might be interested in
I’m which place should you put the first digit in the quotient in division
Sergio [31]

Step-by-step explanation:

It would be the very top of the division problem, so for example, if we take. a look at the lower image below, we see that the number 6 is the number that would be the (first) number that would be the quotient.

Answer:

Very top, (e.g)<em> "the number 6"</em>

6 0
3 years ago
What is the equation of the line that passes through the point (3,-3) and has a slope of 0?
Blizzard [7]

Answer:

given us,

slope= 0

(x1y1)= (3,-3)

here

(y-y1) =m(x-x1)

or, (y+3)=0(x-3)

or (y+3)= x-3

or, x+y= -3-3

x+y= -6

Step-by-step explanation:

x+y= -6

7 0
3 years ago
How to do this, please help me
Nataly_w [17]
Idk if the answer is correctly

6 0
3 years ago
Eduardo is planning to purchase a 50" flat-screen TV at The Electronics Hut. If the
meriva

Answer:

Sales tax=31.16, total price=359.16

Step-by-step explanation:

Price x sales tax rate -=sales tax

328 x .095(9.5%)=31.16 sales tax

price + sales tax = total price

328 + 31.16=359.16

3 0
3 years ago
Which of the following is the most appropriate unit to describe the rate of the cost of gasoline?
malfutka [58]
Dollars per gallon because the dependent quantity is the dollars

Dollars is the dependent quantity because the amount you pay depends on how many gallons you've pumped.
3 0
3 years ago
Read 2 more answers
Other questions:
  • What does it take to build a stadium? Explain, what should be inside it. The Square Feet &amp; More
    7·2 answers
  • The sides of a triangle are in the ratio 7:7:11. what is the measure of the largest angle and classify the triangle by its sides
    15·1 answer
  • Find the value of the expression.<br> b2 − a <br> for a = 4 and b = 5
    11·2 answers
  • A shipment includes several different types of apples, as shown below.
    6·2 answers
  • Which of the following options represents the form of a linear equation that should be used to write the equation of a line when
    13·1 answer
  • Please help me! Write the slope intercept form of an equation for the line that passes through (0,3) and is perpendicular to 9x-
    8·1 answer
  • A boat has a speed of 15 mph in still water. It travels downstream from Greentown to Glenavon in g hours. It then goes back upst
    11·1 answer
  • A truck requires 35 liters of petrol to travel a distance of
    13·1 answer
  • HELP PLS!! a,b,c,d??
    6·2 answers
  • One pipe can fill a tank in 15 hours, and a larger pipe can fill the same tank in 10 hours. If both pipes are used simultaneousl
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!