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Ann [662]
3 years ago
12

Need help with this question

Mathematics
2 answers:
DochEvi [55]3 years ago
5 0

Answer:

hope it's helpful.........

garik1379 [7]3 years ago
5 0

Answer:

multiply 2×2×2×2×2÷2×2×2×2

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Mr. Smith borrowed $22,000 to purchase stock for his baseball card shop. He repaid the simple interest loan after four years. He
Stella [2.4K]

Based on the calculations, the interest rate on the stock in four (4) years is equal to 7.1%.

<u>Given the following data:</u>

Amount borrowed (Principal) = $22,000.

Simple interest, I = $78.40.

Time = 4 year.

To determine the interest rate on the stock in four (4) years:

<h3>How to calculate simple interest?</h3>

Mathematically, simple interest can be calculated by using this formula:

I = PRT

<u>Where:</u>

  • S.I is the simple interest.
  • P is the principal or starting amount.
  • R is the interest rate.
  • T is the time measured in years.

Making R the subject of formula, we have:

R = I/PT

Substituting the given parameters into the formula, we have;

R = 6260/(22,000 × 4)

R = 6260/(88,000)

Interest rate = 0.071 = 7.1%.

Read more on simple interest here: brainly.com/question/24341207

#SPJ1

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1 year ago
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