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3 years ago

Loan amount: 13000

Mathematics

1 answer:

Fofino [41]3 years ago

5 0

Answer:

5.1%

Step-by-step explanation:

The proceeds of the loan are ...

13000 -625 = 12375

The amount repaid is 13000. That amount is ...

13000/12375 = 1.05050505...

times the proceeds. So, the effective interest rate is ...

1.05051 -1 = 5.051% ≈ 5.1%

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For this case we have the following equation:

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We apply distributive property on the left side of the equation:

$\frac {5 * 2} {6} x + \frac {5 * 12} {6} -8 = 4- (x + 1)\\\frac {10} {6} x + \frac {60} {6} -8 = 4- (x + 1)$

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$\frac {5} {3} x + 2 = 4- (x + 1)$

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$\frac {5} {3} x + 2 = 4-x-1\\\frac {5} {3} x + 2 = 3-x$

We add x to both sides of the equation:

$\frac {5} {3} x + x + 2 = 3\\\frac {5 * 1 + 3 * 1} {3} x + 2 = 3\\\frac {5 + 3} {3} x + 2 = 3\\\frac {8} {3} x + 2 = 3$

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$x = \frac {3} {8}$

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