If Sheila paid $797.50 in interest on a 5 year loan of $5,800 for her first car, what was the interest rate? (Make sure you’ve c

Question

jeyben [28]

3 years ago

5

If Sheila paid $797.50 in interest on a 5 year loan of $5,800 for her first car, what was the interest rate? (Make sure you’ve c

hanged the decimal to a %)

Mathematics

2 answers:

sveta [45] · Answer 1 · 2022-04-25T11:43:43+03:00

sveta [45]3 years ago

8 0

5800 times 5 times x percent=797,50
x=797 divide by 5800 times 5 equals 797.5 divided by 29000=0,0275
=2,75 percent

Vsevolod [243] · Answer 2 · 2022-04-25T09:21:33+03:00

Vsevolod [243]3 years ago

3 0

I = Prt
r = I/Pt
given
I = <span>$797.50
P = </span><span>$5,800
t = 5

so
</span>r = I/Pt
r = 797.50 / (5,800 x 5)
r = 797.50 / 29,000
r = 0.0275
r = 2.75%

answer
r = 2.75%