Kaylee obtains a loan with simple interest to buy a car that costs $8,500. If Kaylee pays $1,020 in interest during the four yea
r term of the loan, what was the rate of simple interest
2 answers:
Answer: 3 percent
Step-by-step explanation:
<span>The simple interest formula is:
A = P · (1 + r · t)
where:
A = total amount
P = principal
r = rate
t = time
Let's solve for r:
A = P + P · r · t
P · r · t = A - P
r = (A - P) / (P · t)
The quantity A - P is defined as the Interest, therefore:
r = I / (P <span>· t)
= 1020 / (8500 </span>· 4)
= 0.03
Therefore the rate was 3%.
</span>
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