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Ksivusya [100]
3 years ago
10

mr.johnson borrowed $8000 for 4 years to make home improvements. if he repaid a total of $10,320, what interest rate did he borr

ow the money?
Mathematics
2 answers:
OverLord2011 [107]3 years ago
7 0
R=(10320/8000)^(1/4))-1)*100
R=6.6%
stich3 [128]3 years ago
6 0
\bf \qquad \textit{Simple Interest Earned Amount}\\\\
A=P(1+rt)\qquad 
\begin{cases}
A=\textit{compounded amount}\to &10,320\\
P=\textit{original amount }\to& \$8000\\
r=rate\\
t=years\to &4
\end{cases}

plug in the values, and solve for "r"

you'll get a decimal amount, so multiply it by 100, to get the percentage figure for the rate used
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