Lily took out a 5-year loan from the bank for $31,000 to purchase a new car. At the end of the loan, she had paid a total of $37
,975. Find the interest rate on the loan.
1 answer:
Answer:
=24.5%
Step-by-step explanation:
- Simple interest = (principal×rate×time)÷100. *brackets first*
- transpose the formula to make rate the subject: rate= (100×simple interest) ÷ (principal×time)
- plug in values: rate = (100×37975) ÷ (31000×5)
- the result is 24.5%
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