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insens350 [35]
3 years ago
13

James borrows $4,200 to pay his college tuition. He signs a 5-year simple interest loan. lf the monthly payments are $78.40, wha

t is the interest rate on the loan?
Mathematics
1 answer:
UkoKoshka [18]3 years ago
4 0
The interest rate would be 2.4%.

We start out finding the total amount he pays, including interest. 

78.40/month * 12 months * 5 years = $4704

We take off the amount of principal:
4704-4200 = 504

This is the amount of interest he pays.  Now we use the simple interest formula, I=prt:

504=4200(r)(5)

Multiply 4200 and 5:
504=21000r

Divide both sides by 21000:
504/21000 = 21000r/21000
0.024 = r
2.4% = r
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