3 years ago

Jo borrowed 3,800 for 4 months from a bank. the bank discounted the loan at 5.5%.

1 answer:

8 0

A.
I=prt
I=(3800)(.055)(4/12)
I=$69.67

b.
Principal-interest=money received from Bank
3800-69.67=$3730.34

c.
I=prt
69.67=3730.34(r)(4/12)
69.67=1243.45r
69.67/1243.45=1243.45/1243.45r
.056≈r
Rate is 5.60%

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