Nigel borrows $250 and pays 5.5% simple interest each year.If he pays back the money in on year what is the total amount that he
1 answer:
You might be interested in
Answer: 13%
Step-by-step explanation:
The formula to find the simple interest is given by :-
, where P is the principal amount, r is rate of interest () in decimal and t is the time ( in years).
Given : P = $19,100 , I=$9932.00 and t= 4 years
Substitute all the above values in the formula , we get
In percent ,
Hence, the rate of interest = 13%