Samantha asked for a loan from the bank of 4,500 plans to repay it in 4 years Samantha will have to repay it 900 of interest wha t is the simple interest rate
2 answers:
Answer:
5
Step-by-step explanation:
S.I is defined mathematically as
[P x R xT]/100
P -Principal amount borrowed
R- the rate
T -time duration
S.I -simple interest [in this case 900]
S.I =[4500 x R x 4]/100
900 =[4500 x R x 4]/100
900x100 = 4500 x 4 x R
[900 x 100]/[4500 x 4] = R [by changing the subject of the formula to reflect R on the right side; you divide both sides by 4500 x 4]
90000/18000 =5
5=R
Rate =5%
Answer:
Correct answer: r = 5%
Step-by-step explanation:
Given:
L = 4,500 Loan
t = 4 years time to repay
I = 900 Interest
r = ? simple interest rate
The formula for calculating simple interest is:
I = (L · r · t) / 100
r = ( I · 100) / L · t
r = (900 · 100) / 4,500 · 4 = 90,000 / 18,000 = 5 %
r = 5 %
God is with you!!!
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