Arthur borrowed $2,100 from the bank. 3 years later, Arthur owes the bank $2,478. What was the percentage rate of simple interes
t on the loan?
2 answers:
Answer:
Percentage Rate=6%
Step-by-step explanation:
Total borrowed=$2,100
Time=3 years
Rate=?
Total amount owed after 3 years= total borrowed + simple interest
$2,478=$2,100 + x
X=$2,478 - $2,100
=$378
The simple interest=$378
Simple interest=P×R×T
Where,
P= principal=$2,100
R=Rate=?
T=Time=3 years
Simple interest=$378
Simple interest=P×R×T/100
$378=$2,100×R×3/100
$378=$6,300R/100
$378=$63R
R=$378/$63
R=6
Therefore,
Rate=6%
Answer:12
Step-by-step explanation:
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